The Arrow impossibility theorem suggests
A) democracies are doomed to fail in the long-run.
B) dictatorships are impossible in the long-run.
C) there is no universally applicable decision rule in a majority-rule democracy.
D) there is no way to make democracy better than a dictatorship.
C
Economics
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If the market price is $25, the average revenue of selling five units is
A) $5. B) $12.50. C) $25. D) $125.
Economics
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Economics