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7. Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of A) transitivity. B) non-dictatorship. C) independence of irrelevant alternati ves. D) completeness.

7. Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of A) transitivity. B) non-dictatorship. C) independence of irrelevant alternati ves. D) completeness.

Macroeconomics: Private and Public Choice (MindTap Course List)
Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
ChapterST4: Keynes And Hayek: Contrasting Views On Sound Economics And The Role Of Government
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7. Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of A) transitivity. B) non-dictatorship. c) independence of irrelevant alternati ves. D) completeness. 8. A dictator is most likely to A) adopt a Rawlsian so cial welfare function. B) maximize her own utility. C) place equal weight on everyone's utility function. D) have nontransitive preferences. 9. If a firm is able to set price, A) it is a monopoly. B) its marginal revenue is constant. C) it sells its output at a constant price. D) it faces a downward-sloping demand curve. 10. When a monopoly is maximizing its profits, A) MR > MC. B) MR < MC. c) dMR/dQ > dMC/dQ. D) dMR/dQ < dMC/dQ. 11. If the demand shifts, then for a profit maximizing monopolist, A) price will change while quantity will remain constant. B) price will change and quantity will change. C) Both A and B. D) Neither A nor B. 12. The ability of a monopoly to charge a price that exceeds marginal cost depends on A) the price elasticity of supply. B) price elasticity of demand. C) slope of the demand curve. D) shape of the marginal cost curve. 13. The Lerner Index is A) the ratio of the difference between price and marginal to price. B) equal to (Price - MC)/Price. C) a measure of market power. D) All of the above.
Transcribed Image Text:7. Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of A) transitivity. B) non-dictatorship. c) independence of irrelevant alternati ves. D) completeness. 8. A dictator is most likely to A) adopt a Rawlsian so cial welfare function. B) maximize her own utility. C) place equal weight on everyone's utility function. D) have nontransitive preferences. 9. If a firm is able to set price, A) it is a monopoly. B) its marginal revenue is constant. C) it sells its output at a constant price. D) it faces a downward-sloping demand curve. 10. When a monopoly is maximizing its profits, A) MR > MC. B) MR < MC. c) dMR/dQ > dMC/dQ. D) dMR/dQ < dMC/dQ. 11. If the demand shifts, then for a profit maximizing monopolist, A) price will change while quantity will remain constant. B) price will change and quantity will change. C) Both A and B. D) Neither A nor B. 12. The ability of a monopoly to charge a price that exceeds marginal cost depends on A) the price elasticity of supply. B) price elasticity of demand. C) slope of the demand curve. D) shape of the marginal cost curve. 13. The Lerner Index is A) the ratio of the difference between price and marginal to price. B) equal to (Price - MC)/Price. C) a measure of market power. D) All of the above.
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