Market economies produce outcomes that
a. are virtually ideal in all respects.
b. are inferior to most other systems.
c. are, in some respects, far from ideal.
d. are virtually indistinguishable from command economies.
c
Economics
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If only two people are trading their endowments and no production is possible, then the equilibrium they reach will
A) be on their contract curve. B) result in unequal marginal rates of substitution for the two people. C) result in one person being worse off than with his or her endowment. D) All of the above.
Economics
The economic profit earned by a firm is calculated by subtracting explicit costs from total revenue
a. True b. False Indicate whether the statement is true or false
Economics