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If a monopolist can perfectly price discriminate,then
Voting Paradox
is a situation in social choice theory where collective preferences can be cyclic (A is preferred to B, B is preferred to C, and C is preferred to A), despite the individual preferences being consistent.
Majority-Rule Voting
A decision-making process where the option that receives more than half of the votes is chosen, commonly used in democratic systems and organizations.
Voting Paradox
A situation in social choice theory where collective preferences can be cyclic (i.e., not transitive), even if the preferences of individual voters are not, leading to a lack of consistent aggregation of individual preferences into a coherent group order.
Impossibility Theorem
A principle, also known as Arrow's impossibility theorem, stating that it is impossible to devise a social welfare function that fairly ranks societal preferences in the presence of three or more options.
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