Explain the Condorcet Paradox. What will be an ideal ...

[lunatika]

Explain the Condorcet Paradox.
 
  What will be an ideal response?

Question 2

What are compensating differentials?
 
  What will be an ideal response?

[Joc]

Answer to Question 1

The Condorcet Paradox was first noted by French mathematician and philosopher Marquis de Condorcet. It shows that, when a society makes decisions by voting, transitivity in the collective preferences of voters is no longer guaranteed. The Condorcet Paradox usually applies when there is an absence of single-peaked preferences among voters.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: The Condorcet Paradox

Answer to Question 2

Compensating differentials are differences in wages that result from differences in working conditions. Risky jobs usually pay higher wages; highly desirable jobs usually pay lower wages (ceteris paribus).

[lunatika]

TYSM

[bulacsom]

Thanks for the timely response, appreciate it