In thinking about the criteria for an ideal voting system, needing no dictator means:

A. one person cannot have the power to enact his or her own preferences.
B. those in power must be forced to listen to the will of the people when enacting policy.
C. the presence of pure democracy is needed, so everyone gets a vote.
D. one person cannot have their preferences represented in what voters decide upon.

A. one person cannot have the power to enact his or her own preferences.

Economics

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The most important determinant of price elasticity of supply is

A) the number of close substitutes there are for the good. B) the time period firms have to adjust to the new price. C) the price of the good. D) the importance of the good in the budgets of consumers.

Economics

Given percentage change in supply and the price elasticity of supply, percentage change in equilibrium price is zero if demand curve is perfectly inelastic.

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

Economics