Arrow's Impossibility Theorem Suggests That a Voting System Will Be

question 17

True/False

Arrow's impossibility theorem suggests that a voting system will be ideal if the properties of intransitivity and dependence of irrelevant alternatives are satisfied.

---

Definitions:

Operating Expenses

The costs associated with the day-to-day functions of a business, excluding direct production costs.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Unit

A single, distinct element that forms part of a system, often used for measuring, standardization, or as part of a greater whole.

Invoice

A notice from the seller to the buyer, detailing the items, their quantities, and the prices settled upon for the goods or services supplied.