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Government planners play a central role in allocating resources:

A. Only under socialism(communism)

B. Only under capitalism

C. Under both (a) and (b)

D. None of the above

Related Questions

  1. If the commodity is normal then the Income Effect (I.E) and the Substitution Effect (S.E):
  2. The budget constraint equation of the firm is:
  3. Average cost means:
  4. In substitution effect, we:
  5. The slope of isocost line (budget line) shows:
  6. The proportional demand curve in monopolistic competition (also in kinked demand curve model), is like…
  7. The relationship between price effect, income effect and substitution effect is:
  8. The entry of new firms in cournot model is:
  9. Which of the following would be least likely to cause a consumer to eat less beef?
  10. When elasticity of demand is one (e=1), then following the formula MR=P[1-1/e], the MR will:
  11. Marginal utility means:
  12. An increase in the price of the good measured on the horizontal axis causes:
  13. In monopolistic competition, the firm compete on the basis of:
  14. Identify the author of The Affluent Society?
  15. In the long-run competitive equilibrium:
  16. Monopolistic firm can fix:
  17. In Bertrand model, the entry of new firms is:
  18. Who introduced the concept of Elasticity of Demand into economic theory?
  19. The demand curve of a firm in monopolistic competition is:
  20. Which of the following does not have a uniform elasticity of demand at all points?
  21. Each short run average cost curve:
  22. An individual consumers demand is not determined by:
  23. When income of the consumer increases then demand curve of an inferior good:
  24. The normal long-run average cost curve is influenced by the:
  25. The addition or increment to the total cost involvesd in expanding or contracting output by one unit…
  26. Contraction of demand means:
  27. The slutsky demand curve includes:
  28. Change in quantity demanded (expansion and contraction of demand) is:
  29. Which of the following is an implicit cost of production?
  30. Marginal utility equals:

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