One Implication of the Condorcet Paradox Is

question 253

Multiple Choice

One implication of the Condorcet paradox is

• A)that the order in which things are voted on can affect the result.
• B)that the order in which things are voted on is irrelevant.
• C)that you do not want to be in charge of arranging which items are voted upon first.
• D)that when there are only two items being voted on the order matters.

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Definitions:

Consumer Surplus

The discrepancy between the total sum consumers are prepared and capable of paying for a good or service, and the total sum they end up paying.

Profit Maximize

The method through which a company identifies the optimal pricing and production volume to maximize its profits.

Output

Output is the total amount of goods or services produced by a company, sector, or economy within a certain period, indicating the level of productivity and capacity utilization.

Monopoly

A market structure characterized by a single seller who has exclusive control over the supply of a good or service, and where there are high barriers to entry for potential competitors.