An ideal voting system must not have:
A. a person who has the power to single-handedly enact his or her own preferences.
B. a person who can convince everyone to vote for his or her preferences, and not their own.
C. a one-dimensional issue being voted on.
D. transitivity of preferences
A. a person who has the power to single-handedly enact his or her own preferences.
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Empirical estimates of the price elasticity of demand [in Table 3.4] suggest that the demand for household consumption of alcoholic beverages is:
a. highly price elastic b. price inelastic c. unitarily elastic d. an inferior good e. none of the above
A profit-maximizing monopolist produces an output level at which
a. marginal revenue is the greatest distance from marginal cost b. price is less than marginal cost c. the value to society of the last unit produced equals marginal cost d. marginal revenue equals marginal cost e. consumers wish to purchase less than what is produced because of high monopoly prices