When the ________ system of voting is used, each voter ranks alternatives and awards more points to higher-ranked alternatives and fewer points to lower-ranked alternatives. The alternative that receives the most total points from all voters wins

When a business produces a product that creates external costs

A) the company produces a level of output larger than would be produced without the external cost. B) the company produces a level of output smaller than would be produced without the external cost. C) the company produces a level of output which would be the same as it would produce without the external cost. D) the market provides the efficient level of output even with the existence of the external cost.

Which of the following conditions best explain the short-run economies of operation associated with production of an information product?

A) AVC slopes downward, and AFC is constant, so that ATC slopes downward. B) AVC is constant, and AFC slopes downward, so that ATC slopes downward. C) AFC is constant, and MC slopes downward, so that AVC slopes downward. D) MC is constant, and MC slopes upward, so that AVC slopes upward.