Arrow's Impossibility Theorem Demonstrates That There Is a Voting Mechanism

question 27

True/False

Arrow's impossibility theorem demonstrates that there is a voting mechanism that determines transitive social preferences and also satisfies the five conditions for a desirable voting mechanism.

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Definitions:

Omitted Terms

Provisions or clauses not included or specified in a legal document or contract, which can sometimes be interpreted or filled in based on customary practice or judicial discretion.

Firm Offer Rule

A legal principle stating that a merchant’s offer to buy or sell goods, assuring that the offer will remain open for a certain period, is binding and cannot be revoked.

Merchant Offeror

A seller or provider of goods or services considered legally as a "merchant," often involved in making offers in the course of business.

Writing

The act or process of composing text or documenting information in a durable medium.