The key reason that the Soviet Union failed to develop new ways to make the economy efficient and was therefore not able to sustain economic growth was due to
A) the Soviet Union relying on entrepreneurs to develop new production technologies.
B) the typical behaviors of managers and employees in a centrally planned economy.
C) the failed attempt to convert to a market-based economy.
D) the Soviet Union's lack of accumulating capital goods.
B
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If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1, what is the average cost if 2000 widgets are produced?
A) $2 B) $1.50 C) $1 D) $0.50
The marginal approach to profit
a. says that a firm should take any action that adds more to cost than it adds to revenue b. says that a firm should take any action that adds more to revenue than it adds to cost c. says that a firm should strive to set profit equal to zero. d. says that a firms profit is maximized when average revenue equals average cost e. says that profit should be marginalized