In settings where the policy space is single dimensional, non-single peaked preferences by some implies there is no Condorcet winner.

Answer the following statement true (T) or false (F)

False

Rationale: There is no longer guaranteed to be a Condorcet winner, but there may be in particular settings.

Economics

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The customs union could lead to losses for the home country if:

a. the other country in the customs union is the most efficient producer b. the other country in the customs unions is not the most efficient producer. c. there are other countries outside the customs union that are inefficient. d. all countries are efficient producers.

Economics

If price exceeds average total cost

a. the firm earns an economic profit b. there are a large number of buyers and sellers c. the firm suffers an economic loss d. the firm closes down e. the firm should reduce its production

Economics