Consider the Situation

question 34

Multiple Choice

Consider the situation. A political party holds a national convention with 1,100 delegates. At the convention, five persons (which we will call A, B, C, D, and E) have been nominated as the party's presidential candidate. After the speeches and hoopla, the delegates are asked to rank all five candidates according to his or her choice. However, before the vote, caucuses have narrowed the choices down to six different possibilities. The results of the first ballot are shown (choices, followed by the number of votes) : ​ How many possible rankings are there?
​

• A) 240
• B) 720
• C) 120
• D) 110
• E) 24

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Definitions:

Economic Losses

The reduction in wealth or welfare due to factors such as poor investment decisions, market downturns, or natural disasters.

Short Run

A period in economics during which some resource inputs in a production process cannot be changed.

Profit-Maximizing

The process of adjusting production and pricing strategies to achieve the highest possible profit from business operations.

Marginal Revenue

The additional income produced from selling one more unit of a good or service.