Principles of economics openstax chapter18

College
Principles
ofPhysics
Economics
Chapter18
# Public
Chapter
Title
Chapter
Choice
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Figure 18.1

While these tires may all appear similar, some are made in the United States and others are not. Those that are not could be subject to a tariff that could
cause the cost of all tires to be higher. (Credit: modification of work by Jayme del Rosario/Flickr Creative Commons)


Figure 18.2

Given these choices, voting will struggle to produce a majority outcome. Turkey is favored over roast beef by 2–1 and roast beef is favored over lasagna
by 2–1. If turkey beats roast beef and roast beef beats lasagna, then it might seem that turkey must beat lasagna, too. But given these preferences,
lasagna is favored over turkey by 2–1.