If a Change in Fixed Cost in the Long Run

question 176

Multiple Choice

If a change in fixed cost in the long run raises average total cost above the demand curve:

• A) price and output will remain unchanged.
• B) more monopolies will enter.
• C) the monopoly will go out of business.
• D) none of the above is true.

Analyze the Median Voter Theorem and its application in predicting outcomes of elections and decision-making scenarios.

Understand the properties of a "perfect" voting system as proposed by Kenneth Arrow and identify voting systems that fail to meet these criteria.

Evaluate the consequences of the Condorcet Paradox in voting and social choice contexts.

Recognize the impact of voter preferences and behavior on election outcomes and decision-making processes.

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Definitions:

Universal Gas Constant

A physical constant that appears in many fundamental equations in the physical sciences, such as the ideal gas law.

Gas Constant

A physical constant that appears in the ideal gas law, relating the energy scale to the temperature scale.

Combined Gas Law

A gas law that combines Charles's law, Boyle's law, and Gay-Lussac's law to describe the relationship between the pressure, volume, and temperature of a fixed amount of gas.

Temperature

A physical quantity that expresses hot and cold, representing the average kinetic energy of particles in a matter.