Each member of OPEC can increase its income by selling more oil than its output quota because
A) the demand for oil is perfectly elastic.
B) by selling more at OPEC's cartel price, a member will automatically earn more income.
C) each member's demand is more elastic than the total demand for oil.
D) the demand for oil is inelastic so total revenue increases.
Question 2
Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. The first pair considered is between subsidies for education and research on Alzheimer's.
The second pair considered is between Alzheimer's research and increased border security. The third pair considered is between education subsidies and increased border security. In this case, the collective preferences of the voters
A) turn out to be transitive and will yield a consistent outcome.
B) turn out not to be transitive but will yield a consistent outcome.
C) turn out not to be transitive and will not result in a consistent outcome.
D) turn out to be transitive but will not result in a consistent outcome.
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