,In Its Ideal Form,is Socialism with Economic Production and Profits

question 42

Multiple Choice

,in its ideal form,is socialism with economic production and profits being owned and distributed by workers.

• A)Capitalism
• B)Democracy
• C)Communism
• D)Anarchy

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Definitions:

Inelastic

Describes a condition where the demand or supply for a good or service is not significantly changed by changes in price.

Elastic

Elasticity in economics refers to the responsiveness of demand or supply to changes in price or income.

Completely Inelastic

Describes a situation where the demand or supply for a good or service does not change in response to changes in price.

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.