« previous next »

Author Question: The Arrow impossibility theorem suggests A) democracies are doomed to fail in the long run. B) ... (Read 74 times)

awywial

  • Hero Member
  • *****
  • Posts: 577
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
Buy Test-Bank


catron30

  • Sr. Member
  • ****
  • Posts: 297
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

A herd of barren-ground caribou at the Thelon River. This subspecies is a long-distance migrant A herd of barren-ground caribou at the Thelon River. This subspecies is a long-distance migrant
(a) The relative age ranges of different dating techniques depend upon the half-life of the system u (a) The relative age ranges of different dating techniques depend upon the half-life of the system u
How Long Does Poverty Last? How Long Does Poverty Last?
Endochondral ossification of long bone. Endochondral ossification of long bone.
Major Categories of Long-Term Memory Major Categories of Long-Term Memory
Summer squash exhibiting various fruit-shape phenotypes, including disc, long, and sphere Summer squash exhibiting various fruit-shape phenotypes, including disc, long, and sphere
Video: Neural Reflex Arc Animation

For a complete list of videos, visit our video library