Table 22-3 the Citizens of Anytown Will Decide Whether to Build a Build

question 48

Multiple Choice

Table 22-3
The citizens of Anytown will decide whether to build a new library, a new community center, or a new ice rink. Exactly one of the three choices will prevail, and the choice will be made by way of pairwise voting, with the majority determining the outcome on each vote. The preferences of the voters are summarized in the table below.

-Refer to Table 22-3.If the citizens of Anytown use a Borda count,rather than pairwise majority voting,to decide what to build,then they will build a new

• A) library.
• B) community center.
• C) ice rink.
• D) None of the above is correct; a Borda count fails to produce a winner in this instance.

Understand the characteristics of perfectly competitive markets and the notion of firms as price takers.

Analyze the conditions under which firms in competitive markets would continue to produce in the short run despite economic losses.

Distinguish between the elasticity of supply curves in the short run and long run in competitive markets.

Recognize the conditions leading to economic profits or losses for firms in competitive markets in the long run.

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Definitions:

Particular Purpose

Refers to a specific reason or intention for which something is used, often implicating that the product or service is suitable for that intended use.

Merchant

Under the UCC, a person who regularly sells goods as his or her business or trade or employs people to sell those goods; anyone who works for a person selling those goods; or anyone who holds himself or herself out as a “merchant” or a “dealer.”

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, aimed at harmonizing the law of sales and other commercial transactions across all 50 states.

Substitute Goods

Products or services that can be used in place of each other, where an increase in price for one leads to an increase in demand for the other.