The best example of a command socialist economy is:
A) Russia.
B) China after 1979.
C) Cuba.
D) the United States.
Ans: C) Cuba.
You might also like to view...
When the price of a good changes, the amount of that good that buyers wish to buy changes:
A. solely because of the substitution effect. B. only if the substitution effect and the income effect do not cancel out each other. C. because of both the substitution and the income effects. D. solely because of the income effect.
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the second worker?
A) $100 B) $20 C) $30 D) $125
Because it is based on differences in the price elasticity of demand among different groups of consumers, third-degree price discrimination is a more profitable price discrimination strategy than is first-degree price discrimination
Indicate whether the statement is true or false
Price and output decisions are two aspects of the same choice.
Answer the following statement true (T) or false (F)