A Characteristic of a Communistic System Is

question 10

Multiple Choice

A characteristic of a communistic system is:

• A) The collective ownership of the means of production
• B) The private ownership of the means of production
• C) Maximization of profit
• D) Division of social classes

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Definitions:

Variable Costs

Variable costs are expenses that change in proportion to the activity or volume of business, such as materials and labor costs.

Fixed Inputs

Resources used in production that cannot be easily increased or decreased in a short period.

Marginal Cost

The cost of producing an additional unit of a good or service.

Average Total Cost

Represents the per-unit total cost of production, calculated by dividing the total cost by the total quantity produced.