No clearly defined socially preferred outcome may result when majority voting on outcomes because
A) often voters don't understand the outcomes.
B) voting may violate the independence of irrelevant alternatives.
C) voting may lead to incomplete preferences.
D) voting may lead to non-transitive preference.
D
Economics
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The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The marginal cost per hat of producing 30 hats per hour (instead of 25 ) is
A) $240.00 per hat. B) $250.00 per hat. C) $8.33 per hat. D) $2.00 per hat.
Economics
The first economist to systematically analyze market failure was
A) Adam Smith. B) J. E. Meade. C) Ronald Coase. D) A. C. Pigou.
Economics