In the Former Soviet Union Distributing Scarce Consumer Goods Was

question 183

Multiple Choice

In the former Soviet Union distributing scarce consumer goods was accomplished by

• A)higher prices which eliminated some potential consumers.
• B)making the consumer stand in a long line for hours if not days.
• C)the government simply printing more money.
• D)None of the choices are true.

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Definitions:

Long Run Adjustments

Changes or adaptations made by firms in response to long-term changes in market conditions, where all inputs and production capacities can be varied.

Constant-cost Industry

An industry where the costs of production, including inputs and technology, do not change as the total output of the industry changes.

Long-run Equilibrium

A state in which all aspects of an economy or market are balanced, and all adjustment processes have been completed over time.

Consumer Demand

The desire and ability of consumers to purchase goods and services at given prices within a specific time period.