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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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