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lurielbank lurielbank
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Posts: 356
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A week ago

Question 1.

Rent-seeking behavior, unlike profit-maximizing behavior in competitive markets, wastes society's scarce resources.



▸ true

▸ false

Question 2.

What is the difference between the voting paradox and the Arrow impossibility theorem?

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shawntageshawntage
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Posts: 311
A week ago
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Answer 1

true

Answer 2

The voting paradox is the failure of majority voting to always result in consistent choices. The Arrow impossibility theorem is a mathematical theorem that holds that no system of voting can be devised that will consistently represent the underlying preferences of voters.

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