Command economies are never effective at organizing the production and distribution of goods and services
Indicate whether the statement is true or false
FALSE
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Which of the following situations is represented by a nearly horizontal supply curve for a good?
a. Small price changes lead to small changes in quantity demanded of the good. b. Small price changes lead to small changes in quantity supplied of the good. c. Producers of the good are not operating efficiently. d. Producers of the good are not maximizing profit. e. Small changes in the price of the good lead to large changes in the quantity supplied of the good.
Capital is defined as
a. a flow of money into a business to buy various inputs. b. automated production processes which require little or no labor. c. interest payments to owners of companies. d. an inventory of plant, equipment and other productive resources held by a firm.
The elastic portion of the downward-sloping straight-line demand curve lies:
A. at the intersection with the supply curve. B. above the point of unit elasticity. C. anywhere to the right of the current market price. D. below the point where total revenue is maximized.
Fama and Jensen suggest that "the form of organization that survives in an activity is the one that delivers the product demanded by customers at the lowest price while covering costs." This is an example of
A. defective organizational architecture. B. market and organizational efficiency. C. economic benchmarking. D. market and organizational equity.