The "Mode of Production Is a Term Used to Describe

question 8

Multiple Choice

The "mode of production is a term used to describe:

• A) Communism
• B) Capitalism
• C) Economic State
• D) The underclass

---

Definitions:

Long-Run Equilibriums

A state in which all factors of production and market forces are balanced and economic variables are not expected to change.

Implicit And Explicit Costs

Implicit costs are the opportunity costs of using resources that a firm already owns, while explicit costs are direct payment outflows for purchasing productive resources.

Differentiated Products

Goods or services that are distinguished from one another by quality, features, branding, or other attributes that consumers may perceive as unique or valuable.

Monopolistically Competitive Firm

A company operating in a market structure where many firms sell products that are similar but not identical, allowing for product differentiation and some degree of market power.