A, B, and C Have the Following Preferences for Fruits

question 24

Multiple Choice

A, B, and C have the following preferences for fruits:
A: apples > bananas > peaches
B: bananas > apples > peaches
C: apples > peaches > bananas
Find the median voter's preference, if any, using a two-phase election.

• A)Preferences are intransitive.
• B)Apples
• C)Bananas
• D)Peaches

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Definitions:

Nondiscriminating Monopolist

A monopolist that charges all consumers the same price for its product or service instead of setting different prices for different consumers.

Marginal Revenue

The profit made by selling one more unit of a product or service.

Average Revenue

The amount of revenue generated per unit of output sold, calculated by dividing total revenue by the quantity sold.

Nondiscriminating Pure Monopolist

A market player who is the sole seller of a product or service but charges a single price to all customers without price discrimination.