In a market economy, the decisions about what to produce and how much of each good or service to produce are made by
a. government officials.
b. economic planners.
c. central bankers.
d. consumers and producers.
d
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In the long run, the real interest rate is determined by
A) the nominal interest rate. B) saving supply and investment demand. C) the multiplier effect. D) the expected inflation rate. E) Fed actions.
The figure above shows the costs and demand curves for the Bigshow Cable Company. If the firm is required to set its price according to an average cost pricing rule, the price is ________ and the quantity produced is ________ million
A) $8; 1 B) $6; 1 C) $6; 2 D) $4; 3
Distinguish between implicit and explicit costs and give examples of each. In addition, explain how explicit and implicit costs affect the distinction between economic profit and accounting profit
What explains the distinction between the two measures of profit?
On average, college graduates earn significantly more income than those with less education and the disparity tends to widen into middle age
a. True b. False