In a market system, which of the following will eliminate high-cost producers, and allow only the low-cost producers to survive?
A. Competition
B. Money
C. A sovereign government
D. Specialization
Answer: A
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The mean (average) U.S. family income in 2012 was approximately
A) $15,000. B) $71,000. C) $51,000. D) $100,000.
Government plays a role in which type of economy?
a. only free market economies like the United States b. only socialist economies c. only mixed economies d. all economies
Identify which of the following are included in the government purchases component of GDP. the salary paid to a state court judge unemployment insurance benefits the payment made by the federal government for a jet fighter social security payments a county builds a jail building
Producer surplus is:
a) equal to the area under the supply curve. b) the difference between the maximum price consumers are willing to pay and the minimum price producers are willing to accept. c) the total amount paid for the good. d) the price received for a good minus its marginal cost, summed over the quantity sold. e) equal to the opportunity cost of production.