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Which of the following markets is NOT characterized by free entry and exit?
Social Choice and Individual Values
A concept in welfare economics and political science that examines how to aggregate individual preferences, values, or welfare to reach collective decisions.
Condorcet Paradox
The failure of majority rule to produce transitive preferences for society.
Condorcet Paradox
The Condorcet Paradox is a concept in voting theory where individual preferences cannot be aggregated into a consistent collective decision without creating contradictions.
Arrow's Properties
A set of criteria designed by economist Kenneth Arrow to assess the social welfare or collective decision-making functions, ensuring fairness, unanimity, and independence of irrelevant alternatives.
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