The economic question of what will be produced is
a. primarily answered by the government in a system of pure capitalism
b. primarily answered by markets in a command economy
c. faced by all economies regardless of their wealth
d. does not have to be answered by economies possessing great wealth
e. cannot be illustrated by the economic concept of the production possibilities frontier
C
Economics
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The marginal cost of production that is borne by the entire society is called the marginal
A) private cost. B) social cost. C) external cost. D) public cost. E) user cost.
Economics
Consider the budget line in the above figure. If the consumer has income of $240, what is the relative price of movies?
A) .42 books B) 2.4 books C) $10 per movie D) $24 per movie
Economics