Homework Answers
1. A) 4th
In all other techniques the cost of production is higher . In the first technique the cost of production is $14 (4×2 +2×3). In the second case the cost of production is $15 ( 3×2 + 3×3). In the third case it is $ 19 and in the fourth it is $ 13 , the lowest.
2. A) public agency
Public agency cannot be considered as a business structure.
3. C) consumer sovereignty
In the market the decision regarding what to buy is made by the consumer. Accordingly the level of output is decided and the resources are allocated in relation with it.
4. D) the quantity or the volume of production.
In the past the command economies like the Soviet Union and China were pure socialist economy which aimed at producing more goods.
5. D) the willingness and the ability to pay the prices.
The willingness of the consumer to pay the prices combined with their ability to pay the prices creates demand for a product. The goods and services will be distributed in the economy in accordance with its demand.
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