The goods or services that firms in an oligopoly sell:

Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of

A) transitivity. B) non-dictatorship. C) independence of irrelevant alternatives. D) completeness.

If a positive permanent supply shock were to occur, the resulting equilibrium would be a:

A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.