Question

Who controls economic activities under the centrally planned economies? *

1 point

industrialists

private firms

government

consumers

Q.7) When marginal utility is negative, total utility is: *

1 point

zero

diminishing

maximum

minimum​

Answer 1

Answer:

1.The production of goods and services in command economies is often done by state-owned enterprises, which are government owned companies. In centrally planned economies, which are sometimes referred to as "command economies", prices are controlled by bureaucrats.

2.Total utility is the sum of all marginal utilities derived from consumption of each additional unit of a commodity. When marginal utility becomes negative the addition to total utility will be negative, thus, leading to diminishing total utility.