With respect to property rights and production, explain the differences between the economic organizations known as communism, capitalism, and socialism
What will be an ideal response?
With communism, all property is held in common and the government decides what to produce and how to distribute the production.
With capitalism, productive resources are privately owned by individuals who independently decide what to produce.
With socialism, individuals may own private property but the government owns and operates productive resources.
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Differentiate between perfectly elastic supply and perfectly inelastic supply. When the price of a good is $100, 50 units are supplied. When the price increases to $300, 250 units are supplied. Calculate the price elasticity of supply of the good
What will be an ideal response?
The average total cost curves for plants A, B, C and D are shown in the above figure. Which plant is best to use to produce 80 units per day?
A) plant A B) plant B C) plant C D) plant D