A monopolist currently sells 18 units of a good. If marginal revenue on the last unit sold is 117, then the price of the good must be less than 117.
Indicate whether the statement is true or false
Question 2
The Arrow impossibility theorem explains
A) why government regulation of private markets will always result in a reduction in economic efficiency in these markets.
B) why voters are always rationally ignorant.
C) why there is no system of voting that will consistently represent the underlying preferences of voters.
D) why it is not possible to provide the economically efficient amount of any public good.
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