The Condorcet Paradox Can Arise With

question 4

Multiple Choice

The Condorcet paradox can arise with:

• A)pair-wise majority voting.
• B)first-past-the-post voting.
• C)approval voting.
• D)run-off elections.

---

Definitions:

Short Run

In economics, refers to a period during which at least one input, such as factory size or machinery, is fixed and cannot be changed.

Economic Profit

The variation between total income and total expenditures, encompassing both direct and indirect costs, within a business.

Competitive Market

A competitive market is one where there are many buyers and sellers, so no single participant has significant power to dictate the price of goods or services.

Long Run

A period of time in which all factors of production and costs are variable, allowing for full adjustment to changes.