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It is a rainy day, and you are considering taking an Uber one mile to meet some friends. You have decided you are willing to
It is a rainy day, and you are considering taking an Uber one mile to meet some friends. You have decided you are willing to pay $ to avoid geeting wet from the rain. The trip would normally cost you $ but due to the weather the surcharge is triple the regular cost. You should because the benefit to you of taking the Uber is than the cost.
walk; less
walk; more
take an Uber; less
take an Uber; more
The difference between a centralized economy and a market economy is that:
the centralized economy does not have any markets for goods and services, whereas a market economy has fully functioning markets.
governments make production decisions in a centralized economy, and individuals make production decisions in a market economy.
governments have maximum decisionmaking power in a centralized economy but have zero decisionmaking power in a market economy.
individuals make production decisions in a centralized economy, and the government makes production decisions in a market economy.
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