Arriving at a decision by comparing total costs and total benefits is called marginal analysis

The economic system that includes private ownership of most resources and the coordination of economic activity by price signals generated by market forces is

a. capitalism b. socialism c. communism d. mercantilism e. progressivism

One of the problems created by price floors is that

a. consumers complain about high prices b. firms have no incentives to reduce cost c. excess supply is created d. people must learn to cope with excess demand e. technological change is significantly impacted