In a Pure Capitalist Economy the Least-Cost Combination of Inputs

question 54

Multiple Choice

In a pure capitalist economy the least-cost combination of inputs is used to produce a good because

• A)producers are less concerned with conserving natural resources in a market economy than in any other economic system.
• B)that combination minimizes profits.
• C)that combination maximizes profits.
• D)cheaply-made goods will wear out quickly,generating additional sales in the future.

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Definitions:

Right Shift

In programming, it refers to an operation that shifts the bits of a binary number to the right, effectively dividing the number by two. In politics, it refers to a move towards more conservative policies.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, allowing for competition on factors other than just price, such as branding and quality.

Economics

Social science that analyzes the choices people and governments make in allocating scarce resources.

Substitute Goods

Products or services that can serve as replacements for each other, satisfying similar customer needs or desires.