Use the Following Information to Answer Questions
Fifty Voters $\quad$

question 59

Multiple Choice

Use the following information to answer Questions
Fifty voters who elect one of the five candidates
-A, B, C, D, or E-have the preference schedule shown below. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Number of voters }$
$\begin{array} { l c c c c } & 20 & 14 & 10 & 6 \\\text { First choice } & \mathrm { A } & \mathrm { B } & \mathrm { B } & \mathrm { C } \\\text { Second choice } & \mathrm { C } & \mathrm { A } & \mathrm { A } & \mathrm { D } \\\text { Third choice } & \mathrm { E } & \mathrm { D } & \mathrm { C } & \mathrm { B } \\\text { Fourth choice } & \mathrm { B } & \mathrm { C } & \mathrm { D } & \mathrm { A } \\\text { Fifth choice } & \mathrm { D } & \mathrm { E } & \mathrm { E } & \mathrm { E }\end{array}$
-Which candidate will be elected using sequential pairwise voting with the agenda A, B, C, D, E?

• A) A
• B) B
• C) C
• D) No winner is determined.

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Definitions:

MC of Production

The additional cost incurred by producing one more unit of a good or service, often denoted as marginal cost.

Long-Run Industry

An economic concept where all inputs and operations are adjustable, allowing for new firms to enter or exit the market, affecting supply and price levels.

Profit-Maximization

Profit-maximization is the process by which a firm determines the price and output level that returns the greatest profit, focusing on key variables like sales and costs.

Economic Profit

The gap between the total income and the sum of explicit and implicit costs of a business.