Arrow's Impossibility Theorem Suggests That Any Voting System Society Adopts

question 107

True/False

Arrow's impossibility theorem suggests that any voting system society adopts for aggregating the preferences of its members will be flawed.

---

Definitions:

Profit Maximization

The system by which a business calculates the price and output that lead to the highest earnings.

Marginal Revenue

The extra revenue generated from the sale of an additional unit of a product or service.

MC = MR

The condition where a firm's marginal cost equals its marginal revenue, often used to determine the optimal level of production.

Profit Maximized

The point at which a firm achieves the highest profit possible, given its production costs and the market price of its goods or services.