In a communist economy,
A. the state controls the means of production.
B. individuals decide what to produce, how to produce it and who gets it.
C. economic decisions are decentralized.
D. the market system is used to allocate resources.
A. the state controls the means of production.
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The price of one bedroom apartments in Cheyenne increased from $55,000 to $65,000 and the quantity of apartment for sale increased from 25 to 30. Using the midpoint method, the price elasticity of supply for apartments in Cheyenne is equal to
A) 0.916. B) 0.75. C) 1.09. D) 2.18. E) 0.08.
A government subsidy for a good
A) is similar to a tax insofar as it decreases the production of the good being subsidized. B) increases production of the subsidized goods. C) punishes those who consume or produce the subsidized good. D) has no effect on the quantity of the good produced.