In Most Failed Centrally Planned Economies, ________

question 174

Multiple Choice

In most failed centrally planned economies, ________.

• A) market conditions helped determine who produced what goods
• B) prices of products were a function of supply and demand
• C) central planning agencies specified production goals and decided prices
• D) central planners paid a great deal of attention to efficiency

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Definitions:

Third-degree Price Discrimination

A pricing strategy where a firm charges different prices to different groups of consumers for the same product, based on their willingness to pay.

Tennis Lessons

Instruction or training sessions focused on improving a person's skills and understanding of the game of tennis, offered by professionals or experienced players.

Producer Surplus

The discrepancy between the amount sellers are prepared to take for a product or service and the actual payment they get.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual market price they pay.