A socialist economy in theory:
A. requires private ownership of property.
B. expects people to be selfish.
C. expects people to be altruistic.
D. is coordinated by the invisible hand.
Answer: C
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Consider the usual case where a higher wage rate increases firms' marginal costs. In this case, the industry's demand curve for labor
a. is more inelastic than the individual firms' demand curves would indicate. b. coincides with the horizontal sum of individual firms' demand curves. c. contains only substitution effects but no scale effects. d. is horizontal at the going market wage.
Refer to the scenario above. Which of the following is an optimal bid for Molly?
A) $836 B) $750 C) $825.50 D) $700
Elasticity provides a guide to both
A. market stability and change in revenue as price changes. B. responsiveness of quantity demanded to a change in price and market stability. C. responsiveness of quantity demanded to a change in price and change in revenue as price changes. D. technological change and change in revenue as price changes.
What is the profit-maximizing rule for a monopolistically competitive firm?
A) to produce a quantity that maximizes market share B) to produce a quantity that maximizes total revenue C) to produce a quantity such that price equals marginal cost D) to produce a quantity such that marginal revenue equals marginal cost