The Sometimes Inconsistent Results Coming from a Series of Paired-Choice

question 169

Multiple Choice

The sometimes inconsistent results coming from a series of paired-choice voting is due to

• A) voters changing their preferences.
• B) irrational preferences among some voters.
• C) a normal consequence of majority voting.
• D) voters not having a good idea of their preferences.

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Definitions:

Budget Line

A graphical depiction of all possible combinations of two goods that can be purchased with a given budget and prices.

Price Ratio

The ratio of the prices of two goods or services, often used in the context of trade or barter.

Elasticity of Demand

A measure of how responsive the quantity demanded is to a change in price, indicating how a product's demand will fluctuate with pricing changes.

Marginal Rate

Often refers to the incremental increase in cost or benefit associated with a one-unit change in an economic activity.