For China
A) there was a long period of success with the economic results of communism so it was hard to change policies.
B) reform of its economic system was rapid, with a quick dismantling of most of the controls exercised by the state and party over the economic system, but not the political system.
C) economic reforms were intended to create more wealth to distribute, not do undo the communist party.
D) there are no longer state owned enterprises.
C
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When the marginal product equals the average product, the
A) average product curve is downward sloping. B) average product curve is upward sloping. C) marginal product is at its maximum. D) average product is at its maximum.
Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is the profit maximizing sales price?
A. $47.70 B. $30.00 C. $45.00 D. $50.00