ecoA characteristic feature of the cooperative model of Ward and Vanek is that

a. the CPB sets prices but not quantities.

b. firms will be managed by the workers.

c. prices will be set by the market.

d. prices will be set by trial and error.

e. both b and c are correct.

8. The condition under which equilibrium will exist in the cooperative enterprise model is

a. the price of a product equals its marginal cost.

b. the marginal revenue equals the marginal cost.

c. value of marginal product of labor equals net revenue per worker.

d. the price of a product equals its marginal revenue.

e. none of the above.

12. According to the text, market socialism is often said to be an attractive economic system because

a. it always uses central planning to make allocation decisions.

b. it combines socialist equity with capitalist efficiency.

c. worker participation is guaranteed.

d. none of the above.

13. According to the text, one can generally argue that

a. income distribution is more even under socialism than under capitalism.

b. income distribution is more even under capitalism than under socialism.

c. income distribution does not differ from one system to another.

d. none of the above.

17. According to the text, unlike the perfectly competitive model of market capitalism, market socialism

a. has no single or dominant theoretical paradigm.

b. is based solely on the cooperative variant.

c. is based solely on the Lange model.

d. all of the above.