Arrow's Impossibility Theorem Suggests That

question 57

Multiple Choice

Arrow's impossibility theorem suggests that:

• A)any voting system society adopts for aggregating the preferences of its members will be flawed
• B)a voting system will be ideal if some form of dictatorship is allowed
• C)a voting system will be ideal if the properties of intransitivity and dependence of irrelevant alternatives are satisfied
• D)none of the above

---

Definitions:

Price Elasticity of Demand

A measure of how the quantity demanded of a good changes in response to a change in its price, indicating its sensitivity to price changes.

Pokemon Cards

Collectible cards part of the Pokémon Trading Card Game, featuring different characters from the Pokémon franchise, with gameplay based on battles between Pokémon creatures.

Cross-price Elasticity

A measure of how the demand for one good changes in response to a change in the price of another good.

Substitutes

Goods or services that can be used in place of each other, having the ability to satisfy similar needs or desires.