Explain what is meant by a command economy
Please provide the best answer for the statement.
The command economy is the opposite extreme alternative to laissez-faire capitalism. It is a system characterized by government ownership of all or nearly all property resources and centrally planned and administered production.
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Which of the following market structures provides socially efficient outcomes?
A) Oligopoly B) Monopoly C) Perfect competition D) Monopolistic competition
This chapter explains that a firm that engages in second-degree price discrimination charges the same consumer different prices for different units of a good. You are a monopolist with many identical customers
Each will buy either zero, one, or two units of the good you produce. A consumer is willing to pay $50 for the first unit of this good and $20 for the second. You produce this good at a constant average and marginal cost of $5 . For simplicity, assume that if a consumer is indifferent between buying and not buying that he will buy. a. If you could not engage in second-degree price discrimination, what price would you charge? How much profit per customer would you earn? b. Suppose you offer your customers what seems to be a very generous deal: "Buy one at the regular price of $50, and get 60 percent off on a second." How many units of this good will each customer buy? How much profit per customer will you earn?