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One Property of Kenneth Arrow's "Perfect" Voting System Is That

question 103

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One property of Kenneth Arrow's "perfect" voting system is that the ranking between any two outcomes A and B should not depend on whether some third outcome C is also available. Arrow called this property


Definitions:

Marginal Cost

The increase in total production costs resulting from producing one additional unit of a good or service.

Market Allocating Resources

The process through which a free market economy determines the distribution of resources based on supply and demand dynamics.

Flu Shots

Vaccinations that protect against the influenza virus, recommended annually to prevent the spread of the flu.

Public Good

An offering of goods or services to all society members without any profit, provided by either governmental bodies or private sectors.

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