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Author Question: The Arrow impossibility theorem suggests A) democracies are doomed to fail in the long run. B) ... (Read 40 times)

awywial

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on: Jul 1, 2018
The Arrow impossibility theorem suggests
 
  A) democracies are doomed to fail in the long run.
  B) dictatorships are impossible in the long run.
  C) there is no universally applicable decision rule in a majority-rule democracy.
  D) there is no way to make democracy better than a dictatorship.

Question 2

If the wage rate paid to one form of labor is twice the cost of another form of labor, the first type of labor must be twice as productive. Comment.
 
  Indicate whether the statement is true or false
Microeconomics ¦ Perloff ¦ 8th Edition
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catron30

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

true . Firms minimize cost by setting the ratio of marginal productivity per unit cost equally across all inputs. If one form of labor is twice as expensive as another, the firm will want the MP of the first type of labor to be twice that of the second.


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