Which of the following applies to a real-world socialistic economy?
a. Private ownership of all factors of production.
b. Government ownership of all factors of production.
c. Government ownership of most of the factors of production.
d. Lack of central planning.
c
Economics
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Refer to Figure 13-4. What is the area that represents the total variable cost of production?
A) 0P0aQa B) P0abP1 C) P1bdP3 D) 0P1bQa
Economics
What happens to consumer surplus in the iPod market if iPods are normal goods and buyers of iPods experience an increase in income?
a. Consumer surplus decreases. b. Consumer surplus remains unchanged. c. Consumer surplus increases. d. Consumer surplus may increase, decrease, or remain unchanged.
Economics