Which of the following is NOT characteristic of a capitalist economy? Group of answer choices private ownership of the tools and equipment needed to produce goods goods are traded directly for other goods some level of inequality between capitalists and laborers laborers paid wages for their labor (labor is commodified)
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- Assume that beef and pork are substitutes for consumers. If there is a drought in the cow grazing areas, then the drought will cause: supply curve for pork to shift rightward supply curve for pork to shift leftward. demand curve for pork to shift rightward. demand curve for pork to shift leftward. Suppose a factory that makes shirts introduces robots to replace human workers. As a result, the factory is able to reduce costs of shirts significantly. One would expect The supply curve of shirts to shift to the left. The supply curve of shirts to shift to the right. The demand curve of shirts to shift to the left. The demand curve of shirts to shift to the right.What is the usefulness of the Edgeworth Box and Contract Curve in explaining Pareto Optimality?Match the following characteristics for firms and consumers: Choices Resource I Constraint Firms :: Maximize profit :: Production function that relates output to input :: Maximize Utility Consumers :: Budget that relates spending to income I I I I
- In a capitalist system, markets must satisty theee features Which of the following is not one of those features O Reciprocal O Voluntary O Competitive O Fived pricesUse a microeconomic model to explain how the market price and quantity would be affected by an increase in input prices.example of marginalism
- Use the following information to answer the next six questions. The accompanying graph depicts the demand (D) curve for general admission concert tickets to see ECON-Jammin', the world's first economics rock band, which is scheduled to visit your city next month. The concert venue can accommodate 100 fans with a marginal cost (MC) of $10 per person. Price $50 $40 $30 $20 $10 0 10 20 MR 30 40 D MC 50 60 Quantity ECON-Jammin' has recently discovered that its fans are made up of two distinct groups that can be easily distinguished. The band has decided to utilize its economic knowledge and offer a high-priced ticket of $40 per person and a low-priced ticket of $20 per person. Based on this information, what is the gain in profit from using price discrimination versus a single-price model? O a. $150 O b. $100 O c. $0 O d. $50 O e. $200Define the principles essential for understanding the economizing problem, demand and supply, and market equilibrium.What are the advantages of a market economy as compared to a command economy