7. Understanding Arrow's impossibility theorem Arrow's impossibility theorem states that under certain assumptions about preferences, no voting system exists that satisfies all of the following properties: - Unanimity - Transitivity - Independence of irrelevant alternatives - No dictators Assume individuals in a society have preferences regarding the following possible outcomes: x,y, and z. For each description in the following tabie, identify the property of a desirabie voting srstem it portrays. Consider the following voting system: Consider the following voting system: In the plurality voting system, individuals vote only for their favorite candidate, and the candidate with the most votes wins. This may result in the winner having less than 50% of the vote. Consider the 1992 U.S. presidential eiection. Bill Clinton won the election with about 43% of the popular vote, while George H.W. Bush had about 38%, and Ross Perot had about 19%. Suppose that if Perot hadn't run, all Perot voters would have picked Bush. Then, Bush would have won the election with 57% of the vote. Which property does this voting method violate, according to Arrow's impossibility theorem? Transitivity No dictators Independence of ifrelevant aiternatives Unanimity