In considering the criteria for an ideal voting system, the idea of an irrelevant alternative refers to:
A. when an option is added to a vote and is unrelated to the issue being voted on.
B. different voting methods that could alternatively be used, but would not change the outcome.
C. when an option is added to a vote and has no realistic chance of winning.
D. different voting methods that could alternatively be used, and could change the outcome.
C. when an option is added to a vote and has no realistic chance of winning.
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Suppose the following information is known about a market: 1. Sellers will not sell at all below a price of $2. 2. At a price of $10, any given seller will sell 10 units. 3. There are 100 identical sellers in the market
Assuming a linear supply curve, use this information to derive the market supply curve.
A point on a production possibilities curve indicates
A) resources are not being used efficiently. B) resources are being used efficiently. C) opportunity costs are constant. D) an output combination that can be attained only if society gets more resources or there is technological change.