If preferences are transitive, indifference curves
A) intersect at the optimum consumption bundle.
B) do not intersect.
C) intersect where the marginal rate of substitution for each indifference curve is equal.
D) intersect at the equilibrium consumption bundle.
Question 2
Refer to Table 18-3. The table above outlines the rankings of three members of the U.S. Senate on three spending alternatives.
Assume that Congress can spend additional revenue on only one of the three spending alternatives and that Bart, Lisa, and Maggie, all members of the Senate, participate in a series of votes in which they are to determine which of the spending alternatives should receive funding. Three votes will be taken: (1 ) Immigration Reform and Unemployment Benefits (2 ) Immigration Reform and Social Security Reform and (3 ) Unemployment Benefits and Social Security Reform.
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