Socialism is an economic system characterized by:
a. private ownership of resources and market decision-making.
b. government ownership of resources and centralized decision-making.
c. cooperation, sharing, and little central government.
d. a complex structure of rules and traditions that dictates decision-making.
b
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Which of the following is TRUE regarding perfect competition? I. The firms are price takers. II. Marginal revenue equals the price of the product. III. Established firms have no advantage over new firms
A) I and II B) II and III C) I, II and III D) I only
Refer to Figure 13-2. Ceteris paribus, an increase in workers and firms adjusting to having previously underestimated the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.