What Does the Arrow Impossibility Theorem Show

question 3

Multiple Choice

What does the Arrow impossibility theorem show

• A)Democracy should be abandoned as a form of government.
• B)It is impossible to improve upon democratic voting methods as a mechanism for social choice.
• C)All voting systems are flawed as mechanisms for social choice.
• D)It is impossible to identify the median voter.

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Definitions:

Intuition

Relying on gut feelings or instincts to make decisions without the use of rational processes.

Strategic risks

Risks that arise from significant shifts in a business environment, threatening the formulation and execution of an organization's strategy.

Business success

The achievement of desired financial and operational goals within a business, often measured by profitability, market share, and customer satisfaction.

Operational

Pertaining to the day-to-day functions and activities necessary for an organization or process to run effectively.