Which of the following is not a criterion for an ideal voting system, according to economist Kenneth Arrow?

What should a profit-maximizing monopolist do if she is currently producing where MC < MR?

a. increase output until MC = MR b. decrease output until MC = MR c. shut down in the long run d. keep producing at this level e. operate only in the short run

When used in a professional or technical sense, the law of supply and demand refers to

a. some vague influences on economic affairs. b. the fact that prices go up when commodities are scarce. c. the market forces that show how prices and quantities are determined. d. the controls that regulate the amount of scarce goods that each consumer can purchase.