Table 22-8 -Refer to Table 22-8.The Table Shows the Preferences of Four

question 233

Multiple Choice

Table 22-8

-Refer to Table 22-8.The table shows the preferences of four types of voters over four possible outcomes: A,B,C,and D.In addition,the table shows the percentage of voters of each type.Suppose a Borda count election is held in which each voter ranks the four outcomes,giving 1 point to last place,2 points to second to last,3 points to the second best,and 4 points to the best.In this case,which outcome would win?

• A) A
• B) B
• C) C
• D) D

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Definitions:

Perfectly Competitive Industries

Industries in which many firms produce identical products, and entry and exit are easy, leading to zero economic profit in the long run.

Homogeneous Product

A product that is considered identical or equivalent by consumers, with no significant differences from other products in the market.

Free Exit

The condition in a market where firms can leave the industry without incurring high costs, facilitating competition and economic efficiency.

Perfectly Competitive Firm

A company that operates in a market where there are many buyers and sellers, all selling homogeneous products, with no single party having market control.