Karl Marx and Friedrich Engels believed that the ideal communist society would come about when
A. the state withered away.
B. the state gained control of the economy's means of production.
C. there was private ownership of the means of production.
D. all large corporations remained in private hands, but were regulated by the government.
A. the state withered away.
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Slick Shades has a constant marginal cost of production equal to $40 and the distributors have a constant marginal cost of distribution equal to $20. If Slick Shades is producing the profit-maximizing number of sunglasses (in hundreds) and charging the profit-maximizing wholesale price, what is the retail price?
The figure above shows the wholesale demand and marginal revenue curves for Slick Shades Sunglasses, a sunglasses firm with market power. Slick Shades Sunglasses has a constant marginal cost of production and it sells to perfectly competitive independent retail distributors that have a constant marginal cost of distribution.
A) $160
B) $140
C) $150
D) $120
Refer to Table 8.1. Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost. What is the average variable cost of producing 22 units of output?
A. $0.91
B. $45.45
C. $0.45
D. $0.83
Which of the following is true for the law of supply?
A. Buyers decrease the quantity of a good purchased as price increases. B. Sellers increase the quantity of a good supplied as price increases. C. Price decreases as more units are supplied. D. A decrease in price results from more demand.
A positive statement i. makes a statement about how the world operates. ii. is a true statement. iii. can be tested against the facts
A) i and ii
B) i and iii
C) ii and iii
D) i, ii and iii
E) i only