An economy in which government bureaucracy decides how much of a good to produce, how to produce the good, and who gets the good is known as a

In the presence of a negative externality generated by producing a good, a competitive market will produce more of that good than is socially optimal

What will be an ideal response?

If a competitive firm is operating in short run equilibrium and then its fixed costs fall by 40 percent, it should: a. use more labor and less capital in current production. b. not change its output

c. increase its output. d. decrease its output.