Answer to Question 1
The Condorcet Paradox was first noted by French mathematician and philosopher Marquis de Condorcet. It shows that, when a society makes decisions by voting, transitivity in the collective preferences of voters is no longer guaranteed. The Condorcet Paradox usually applies when there is an absence of single-peaked preferences among voters.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: The Condorcet Paradox
Answer to Question 2
Compensating differentials are differences in wages that result from differences in working conditions. Risky jobs usually pay higher wages; highly desirable jobs usually pay lower wages (ceteris paribus).
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