A Situation in Which Society May Not Be Able to Rank

question 83

Multiple Choice

A situation in which society may not be able to rank its preferences consistently through paired-choice majority voting is

• A) the fallacy of limited decisions.
• B) the paradox of voting.
• C) the median-voter model.
• D) political logrolling.

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Definitions:

Relatively Inelastic

Relatively inelastic refers to a situation where the demand for a good or service changes little when its price changes; the percentage change in demand is smaller than the percentage change in price.

Perfectly Elastic

This term describes a situation in market economics where the quantity demanded or supplied responds infinitely to changes in price.

Relatively Elastic

Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.

Unit Elastic

A demand or supply situation where a percentage change in price leads to an equal percentage change in the quantity demanded or supplied.