Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, B to C, and C to A, which of the following concepts are violated?

Corporations that offer incentive pay schemes that link pay to meeting profit, production, or sales targets are doing so to cope with the

A) scarcity problem. B) inefficiencies usually found in large firms. C) principal-agent problem. D) problems of unionization.

Suppose the income-consumption curve for goods X and Y is upward sloping. If the price of good Y increases and the income-consumption curve rotates in clockwise fashion, then we know that:

A) X and Y are complements. B) X and Y are both inferior goods. C) X and Y are substitutes . D) Y is an inferior good.