In His 1951 Book Social Choice and Individual Values, Arrow's

question 184

Multiple Choice

In his 1951 book Social Choice and Individual Values, Arrow's perfect voting system satisfies all of the following properties except

• A)unanimity.
• B)transitivity.
• C)reflexivity.
• D)independence of irrelevant alternatives.

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Definitions:

Average Total Cost

The average total cost (ATC) is an economic concept that calculates the total cost of producing a good or service divided by the quantity of output produced. It is used to determine the per-unit cost of production.

Oligopoly

A market structure characterized by a few large firms dominating the industry, often leading to limited competition and potentially higher prices for consumers.

Purely Competitive

A market structure characterized by many buyers and sellers, homogenous products, free entry and exit, and no single participant having control over prices.

Average Total Cost

The total cost of production divided by the number of goods produced; a measurement of the cost of producing each unit.