Consider the Following Preference Table for Three Voters to Answer

question 51

True/False

Consider the following preference table for three voters to answer Questions $$\begin{array} { l l l l } \text { First choice } & \text { B } & \text { D } & \text { A } \\\text { Second choice } & \mathrm { C } & \mathrm { B } & \mathrm { C } \\\text { Third choice } & \mathrm { A } & \mathrm { C } & \mathrm { B } \\\text { Fourth choice } & \mathrm { D } & \mathrm { A } & \mathrm { D } \\\text { Fifth choice } & \mathrm { E } & \mathrm { E } & \mathrm { E }\end{array}$$
-Is there an agenda for which C would win a sequential pairwise election?

---

Definitions:

Market Price

The price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.

Inelastic Demand

Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.

Zero Profits

A situation where a firm’s total revenues are exactly equal to its total costs, leading to no net profit or loss.