Which of the following is NOT a central problem of an economy? What to produce, How to produce, When to produce, For whom to produce

Economics

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1.
FLASHCARD QUESTION
Front
Back
When to produce
Answer explanation
When to produce
2.
FLASHCARD QUESTION
Front
What happens when the price of a product increases (assuming all else remains constant)?
Back
Demand decreases
3.
FLASHCARD QUESTION
Front
Which factor does NOT affect demand? Consumer income, Price of related goods, Consumer preferences
Back
Production costs
4.
FLASHCARD QUESTION
Front
If the price elasticity of demand for a product is greater than 1, it is considered:
Back
Elastic
5.
FLASHCARD QUESTION
Front
A leftward shift of the supply curve indicates:
Back
A decrease in supply
6.
FLASHCARD QUESTION
Front
Total cost is the sum of: Fixed cost + Variable cost, Fixed cost + Marginal cost, Variable cost + Marginal cost, Implicit cost + Explicit cost
Back
Fixed cost + Variable cost
7.
FLASHCARD QUESTION
Front
What happens at the break-even point?
Back
Total revenue = Total cost
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