Command systems are also known as:
A. market systems.
B. pure capitalism.
C. laissez-faire capitalism.
D. communism.
Answer: D
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The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as: a. market surplus
b. market shortage. c. consumer surplus. d. producer surplus.
When a monopoly price discriminates, it charges the highest price to the group of buyers with the least elastic demand
a. True b. False Indicate whether the statement is true or false
What is a result of unemployment that is very low?
What will be an ideal response?
Average total cost is
A) total cost divided by the quantity of output produced.
B) total explicit costs divided by the quantity of output produced.
C) variable cost divided by the quantity of output produced.
D) the change in fixed plus variable cost divided by the quantity of output produced.