Examlex
Working alone, a person who shirks receives __________ the benefits of shirking and pays __________ the costs of shirking.
Condorcet Paradox
A situation in majority voting where collective preferences can be cyclical and inconsistent, despite the individual preferences being rational and transitive.
Preferred Spending
the allocation of financial resources towards goods, services, or investments that are most favored or prioritized by an individual or entity.
City Council
The legislative body that governs a city, town, or municipality, responsible for making and enforcing local laws and policies.
Median-Voter Theorem
A theory suggesting that the outcome of majority voting processes will reflect the preferences of the median voter when preferences are single-peaked and voters are fully informed.
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