Table 22-3 the Citizens of Anytown Will Decide Whether to Build a Build

question 48

Multiple Choice

Table 22-3
The citizens of Anytown will decide whether to build a new library, a new community center, or a new ice rink. Exactly one of the three choices will prevail, and the choice will be made by way of pairwise voting, with the majority determining the outcome on each vote. The preferences of the voters are summarized in the table below.

-Refer to Table 22-3.If the citizens of Anytown use a Borda count,rather than pairwise majority voting,to decide what to build,then they will build a new

• A) library.
• B) community center.
• C) ice rink.
• D) None of the above is correct; a Borda count fails to produce a winner in this instance.

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Definitions:

Short-Run Demand

The demand for goods and services in the immediate future, influenced by current prices and income levels.

Highly Inelastic

Describing a situation where the quantity demanded or supplied changes very little in response to changes in price.

Quantity Demanded

The amount of a product consumers are willing to buy at a specific price, differentiating from the total market demand.

Relatively Inelastic

Relatively inelastic describes a scenario where the demand or supply for a product changes only slightly in response to changes in price.