Which of the following statements is true?
A. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute it.
B. Planned economies have fared very well in recent years, with many of these economies thriving.
C. Command economies operate the most efficiently because the government makes all the production decisions.
D. In command economies consumers still exercise choice.
Answer: D
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The cost of producing one more unit of a good is called marginal cost
a. True b. False Indicate whether the statement is true or false
Which of the following is not a characteristic of a perfectly competitive market structure?
A) There are a very large number of firms that are small compared to the market. B) All firms sell identical products. C) There are no restrictions to entry by new firms. D) There are restrictions on exit of firms.