Table 22-6 -Refer to Table 22-6. the Table Shows the Preferences of the Preferences

question 244

Multiple Choice

Table 22-6
-Refer to Table 22-6. The table shows the preferences of 100 voters over three possible outcomes: A, B, and C. In pairwise majority voting in which voters choose first between A and B and then choose between the winner of the first vote and C,

• A)outcome A will win the election.
• B)outcome B will win the election.
• C)outcome C will win the election.
• D)the outcome of the election cannot be determined with the given information.

---

Definitions:

Network Externalities

The effect that an additional user of a good or service has on the value of that product to others, often positive, as in the case of telecommunications networks.

Monopolist

A monopolist is a single supplier in a market who has significant control over prices and the availability of a product or service.

Economies of Scale

Economies of scale are cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of operation increases with the reduction in average costs.