In most societies ownership of property takes one of three forms________________?
Correct answer: C. communal private public
- A. restricted guarded and private
- B. esthetic visible tangible
- C. communal private public
- D. ambiguous hermetic contraceptive
Explanation
The standard broad forms of property ownership are communal, private, and public. The other combinations contain descriptive words rather than recognized ownership categories.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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