Examlex
When a plant manager monitors production and randomly checks the quality of the products as they are being produced, he is using
Transitive Preferences
A condition in decision-making where if an individual prefers option A over option B and prefers option B over option C, then the individual also prefers option A over option C.
Median voter theorem
A theory suggesting that the outcome of a majority rule voting system will represent the preferences of the median voter.
Majority rule
A decision-making process where the option that receives more than half of the votes wins.
Arrow's Impossibility Theorem
A theory stating that no rank-order voting system can meet a set of reasonable fairness criteria simultaneously.
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