Communist theory calls for each of the following except
A. the abolition of private property.
B. from each according to his ability, to each according to his needs.
C. the free operation of the forces of demand and supply.
D. the means of production owned by the government and/or by the workers.
C. the free operation of the forces of demand and supply.
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Refer to the figure above. What does the region ABDC indicate?
A) Economic profit B) Loss incurred by the producer C) Consumer surplus D) Deadweight loss
Dollar prices and relative prices are both nominal variables
a. True b. False Indicate whether the statement is true or false
When total product is rising
A) fixed cost must be rising. B) marginal product must be positive. C) variable cost must be declining. D) marginal product must be negative.
A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost. B) average profit per unit times quantity sold. C) (price minus average total cost) times quantity sold. D) marginal profit times quantity sold.