No Clearly Defined Socially Preferred Outcome May Result When Majority

question 32

Multiple Choice

No clearly defined socially preferred outcome may result when majority voting on outcomes because

• A) often voters don't understand the outcomes.
• B) voting may violate the independence of irrelevant alternatives.
• C) voting may lead to incomplete preferences.
• D) voting may lead to non-transitive preference.

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Definitions:

Perfectly Inelastic

Perfectly inelastic describes a market situation where the demand for a product does not change in response to a change in price.

Upsloping

Characteristic of a curve or line that rises as it moves to the right, often used in economics to describe certain supply curves or cost functions.

Incentive Function

The role of incentives in influencing the behavior and decisions of individuals or organizations.

Competitive Markets

Markets characterized by a large number of buyers and sellers, where no single entity controls the market prices.