Which of the following is a characteristic of capitalism?
a. Equality of income.
b. Government decision-making is preferred to decentralized decision-making.
c. Market determination of prices and quantity.
d. Government ownership of all capital.
c
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With which choice are you more likely to avoid Bid-rigging cartels?
a. The winning bids are announced b. The winning bids are not announced c. Winning bids are announced right after the auction d. Both A&C
Which of the following statements is FALSE?
A. The production function shows the technical relationship between a firm's inputs and outputs. B. The production function presents the technically efficient methods of combining inputs to produce output. C. Included in the firm's short-run production function are both fixed and variable inputs. D. An efficient firm can obtain more output than the production function shows.