The theory of the communists could be summed up in a single phrase: ______________________________.
Fill in the blank(s) with the appropriate word(s).
the abolition of private property
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The equilibrium level of income and output is that level of income where the desired spending by all sectors of the economy equals the value of output produced and the income received from production
Indicate whether the statement is true or false
The marginal resource cost of input is the amount that an extra unit of that input adds to the firm's total costs
a. True b. False Indicate whether the statement is true or false
A barber currently cuts hair for 50 clients per week and earns a profit. He is considering expanding his operation in order to serve more clients. Should he expand?
a. Yes, because cutting hair is profitable. b. No, because he may not be able to sell more services. c. It depends on the marginal cost of serving more clients and the marginal revenue he will earn from serving more clients. d. It depends on the average cost of serving more clients and the average revenue he will earn from serving more clients.
When advertising is used to relay information about price, each firm is able to enhance market power
a. True b. False Indicate whether the statement is true or false