Which concept explains how individual consumers in market economies determine what is to be produced?
a. competition
b. consumer sovereignty
c. decentralized decision-making
d. free enterprise
b
Economics
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Suppose the marginal product of labor equals 1/L. If the firm can sell its output for $10 per unit, and the wage is $1 per unit, how many units of labor will the firm hire?
A) 0 B) 1 C) 10 D) 100
Economics
Figure 7-7
In Figure 7-7 at 100 units, AVC equals
a.
8.
b.
800.
c.
100.
d.
1,000.
Economics