According to Arrow's impossibility theorem, all voting systems contain some inherent drawback that may prevent them from accurately capturing the preferences of the electorate in all circumstances
Indicate whether the statement is true or false
TRUE
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Of the items in the following lists, which go from most liquid to least liquid?
A) a house, a six-month certificate of deposit, shares of stock, a checking account B) a checking account, a certificate of deposit, shares of stock, a house C) a checking account, a house, a six-month certificate of deposit, shares of stock D) a six-month certificate of deposit, shares of stock, a house, a checking account
Which of the following is least likely to increase the demand for airline tickets?
A) A Department of Energy order closing gasoline stations on weekends. B) A Department of Energy order restricting gasoline sales on odd and even-numbered days of the month to cars with odd or even final digits in the license number C) A fall in the price of airline tickets D) A rise in the price of gasoline E) An excellent record of airline safety
Define the elasticity of supply and show how it is calculated
What will be an ideal response?
Two perfectly competitive firms, Firm A and Firm B, both face random demand and have the same expected marginal revenue, as illustrated in the figure below. For which firm would a forecast of demand be more valuable?
A) Firm A
B) Firm B
C) The value for each firm is the same because the expected marginal revenue and marginal cost are the same.
D) A forecast is more valuable for Firm A if the demand will be high and more valuable for Firm B if the demand will be low.