The Condorcet Paradox

question 369

Multiple Choice

The Condorcet paradox

• A)demonstrates that the order in which one votes on options may influence the outcome.
• B)demonstrates that majority voting by itself may not reveal the outcome that society wants.
• C)disproves Arrow's impossibility theorem.
• D)Both a and b are correct.

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Definitions:

Total Utility

The entire pleasure derived from using a certain total volume of a good or service.

Total Utility

Total utility is the total satisfaction or benefit a consumer receives from consuming a particular quantity of goods or services.

Diminishing Marginal Utility

The decrease in satisfaction or utility that a person derives from consuming each additional unit of a good or service.

Demand Curves

A graphical representation that shows the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.