Arrow's Impossibility Theorem States That the Majority Rule Fails to Produce

question 144

True/False

Arrow's impossibility theorem states that the majority rule fails to produce transitive preferences for society.

---

Definitions:

BMC Component

An essential element of the Business Model Canvas, a strategic management tool for developing new or documenting existing business models.

Customer Segments

The process of dividing a market of potential customers into groups, or segments, based on different characteristics.

Channels

Pathways or mediums through which products or services are distributed to the end consumer.

Infrastructure

The fundamental facilities and systems serving a country, city, or area, including transportation, communication, utilities, and public institutions, necessary for economic activity.