Arrow's Impossibility Theorem States

question 2

Multiple Choice

Arrow's impossibility theorem states:

• A) a unique political equilibrium for a public choice never exists.
• B) a unique political equilibrium for a public choice cannot exist under majority rule.
• C) a unique political equilibrium can exist if there is majority rule and multi-peaked preferences.
• D) a unique political equilibrium for a public good cannot exist under unanimous consent.

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Definitions:

Functional Structures

An organizational design where departments are divided based on specific functions or roles, such as marketing, finance, and operations.

Professional Identity

The self-concept based on attributes, beliefs, values, motives, and experiences as they relate to one's profession or career.

Departmentalization

The process of dividing an organization into different departments, which perform specific tasks or functions.

Organizational Hierarchy

A system in which people or groups are ranked one above the other according to status or authority within an organization.