Please solve these multiple questions. These are very important to me... THANK YOU!!! 7. Suppose in a democratic society, all voters prefer choice G over choice B; however,when the two choices are presented along with a third choice, R, B wins the election.This violates the assumption ofA) transitivity.B) non-dictatorship.c) independence of irrelevant alternati ves.D) completeness.8. A dictator is most likely toA) adopt a Rawlsian so cial welfare function.B) maximize her own utility.C) place equal weight on everyone's utility function.D) have nontransitive preferences.9. If a firm is able to set price,A) it is a monopoly.B) its marginal revenue is constant.C) it sells its output at a constant price.D) it faces a downward-sloping demand curve.10. When a monopoly is maximizing its profits,A) MR > MC.B) MR < MC.c) dMR/dQ > dMC/dQ.D) dMR/dQ < dMC/dQ.11. If the demand shifts, then for a profit maximizing monopolist,A) price will change while quantity will remain constant.B) price will change and quantity will change.C) Both A and B.D) Neither A nor B.12. The ability of a monopoly to charge a price that exceeds marginal cost depends onA) the price elasticity of supply.B) price elasticity of demand.C) slope of the demand curve.D) shape of the marginal cost curve.13. The Lerner Index isA) the ratio of the difference between price and marginal to price.B) equal to (Price - MC)/Price.C) a measure of market power.D) All of the above.

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7. Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of A) transitivity. B) non-dictatorship. C) independence of irrelevant alternati ves. D) completeness.

7. Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of A) transitivity. B) non-dictatorship. C) independence of irrelevant alternati ves. D) completeness.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter3: Preferences And Utility

Section: Chapter Questions

Problem 3.9P

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4. Consider a society that has three individuals - 1,2 and 3 - and three alternatives - x, y and z. The society has a preference aggregation rule F. In year 2007, the profile of individual preferences were as follows: 1 2 3 X y Z y Z V It is known that the rule F satisfies Completeness, Transitivity, Anonymity, Unanimity and Independence of Irrelevant Alternatives. Also, in year 2007, F ranked x strictly above y. Now, we are in year 2008. The individual preferences have changed to: 1 2 3 Z y y X Z Z y X x (a) How does the society rank between y and x in 2008? Why? (b) How does the society rank between x and z in 2008? Why? (c) How does the society rank between y and z in 2008? Why? (d) What were the social preferences over all three alternatives in 2007?
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