Explain the Condorcet Paradox
What will be an ideal response?
The Condorcet Paradox was first noted by French mathematician and philosopher Marquis de Condorcet. It shows that, when a society makes decisions by voting, transitivity in the collective preferences of voters is no longer guaranteed. The Condorcet Paradox usually applies when there is an absence of single-peaked preferences among voters.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: The Condorcet Paradox
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The federal funds market is the market where:
a. the federal government borrows money from banks to finance the national debt. b. the federal government lends money to commercial banks. c. banks borrow money from other banks for short periods of time. d. banks borrow money from the Fed for short periods of time. e. banks borrow money from the Treasury for long periods of time.
Commodity markets resemble
A) monopolistic markets. B) competitive markets. C) oligopolistic markets. D) factor markets.