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The Arrow impossibility theorem explains

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The Arrow impossibility theorem explains

Question 1.

A situation where a member of Congress votes to approve a bill in exchange for favorable votes from other members on other bills is called

• rent seeking.

• logrolling.

• regulatory capture.

• special interest legislation.

Question 2.

The Arrow impossibility theorem explains

• why there is no system of voting that will consistently represent the underlying preferences of voters.

• why government regulation of private markets will always result in a reduction in economic efficiency in these markets.

• why voters are always rationally ignorant.

• why it is not possible to provide the economically efficient amount of any public good.

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 65 times

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qwer34

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More solutions for this book are available here

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trancy Author

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You make an excellent tutor!

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