Which of the Following Is a Similarity Between Socialism and Communism

question 150

Multiple Choice

Which of the following is a similarity between socialism and communism?

• A) Both allow freedom in work choices for the people.
• B) Both have a strong involvement of the government.
• C) Both allow free market systems.
• D) Both have low taxation policies.

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Definitions:

Marginal Cost

The financial increase incurred by adding one more unit to the production of a product or service.

Short Run

A time period in economics during which at least one input (e.g., plant size, machinery) is fixed, affecting the firm's capacity to adjust production levels.

Long Run

A period in which all factors of production and costs are variable, allowing firms and the economy to adjust to changes fully.

Sales

encompasses the transactions of selling goods or services to consumers in exchange for money or other compensations.