You're traveling in Ireland and are thinking about buying a new digital camera. You've decided you'd be willing to pay $125 for a new camera, but cameras in Ireland are all priced in euros

Profits of a monopoly are driven to zero

a. Immediately in the short-run as assets freely move from low-valued uses to high-valued uses instantly b. In the long run because the demand curve becomes more inelastic c. In the long run because the assets eventually move from low to high valued use d. In the short run because the demand curve becomes more elastic

Majority rule will produce the outcome most preferred by the median voter, as demonstrated by the

a. Arrow impossibility theorem. b. Condorcet paradox. c. pairwise voting proposition. d. median voter theorem.