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A Borda count is used to decide an election between three candidates, x, y, and z, where a score of 1 is awarded to a first choice, 2 to a second choice, and 3 to a third choice.There are 25 voters.10 voters rank the candidates x first, y second, and z third; 7 voters rank the candidates x first, z second, and y third; 5 rank the candidates z first, y second, and x third; and 3 voters rank the candidates y first, z second, and x third.Which candidate wins?
Optimal Strategy
A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem, where the choice is made to maximize effectiveness or efficiency.
Oligopolists
Firms that are part of an oligopoly, possessing significant market power which allows them to influence the market's prices, output, and overall conditions.
Unique Product
A good or service that is distinct from others in the market due to its unique features, design, or branding.
Five Forces Model
A framework developed by Michael Porter used to analyze the competitive environment in which a company operates, considering five forces that shape competition.
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