The choice of what to produce in a command economy is determined by
Industrial establishments
Labour unions
The government and labour unions
The central government
Correct answer is D
A command economy is a system where the government, rather than the free market, determines what goods should be produced, how much should be produced, and the price at which the goods are offered for sale.
An economic system in which the producer and the consumer are the same is referred to as a
Mixed economy
Subsistence economy
Capitalist economy
Socialist economy
Correct answer is B
No explanation has been provided for this answer.
Product differentiation in monopolistic competition implies that
Different buyers pay different prices for the same product
Different products are sold to the same buyer
Sellers determine whom to sell their products to
The same product is available in different forms
Correct answer is D
No explanation has been provided for this answer.
A perfectly competitive firm is advised to close down when the
Price is below the marginal cost
Price is equal to the marginal revenue
Marginal revenue is equal to the marginal cost
Price is below the average variable cost
Correct answer is D
No explanation has been provided for this answer.
If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the
Average variable cost is minimum
Marginal cost is falling
Average cost is minimum
Average fixed cost is falling
Correct answer is C
No explanation has been provided for this answer.