|
|
VOTING PARADOX: The observation that voting by a relatively small group of people might generate a intransitive or inconsistent ranking of three or more alternatives, creating a paradox of rankings. The preferences of rational individuals are generally assumed to transitive and consistent, that is, if a person prefers A to B and B to C, then the person also prefers A to C. However, the preferences of group of voters might not be consistent. That is, as a group, voters might prefer A to B and B to C, but then prefer C to A. This is not only paradoxical and confusing, it also can be inefficient.
Visit the GLOSS*arama
|
|
|
|
|
MARGINAL REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.
Complete Entry | Visit the WEB*pedia |
|
|
GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for crowded shopping malls.
Your Complete Scope
This isn't me! What am I?
|
|
|
Three-forths of the gold mined each year is used to manufacture jewelry.
|
|
|
"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
|
|
BNA
Bureau of National Affairs
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
