Which of the following statements about a circular flow model is false?
A) Producers are buyers in the factor market and sellers in the product market.
B) Households are neither buyers nor sellers in the input market.
C) Producers are buyers in the factor market.
D) Households are buyers in the product market.
Answer: B
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The slope of the perfectly inelastic demand curve is ________, the slope of the perfectly elastic demand curve is ________
A) undefined, zero B) one, one C) zero, undefined D) one, zero
The figure above shows the demand and cost curves facing a price-setting firm. At what output is marginal revenue $20?
A. 100 units B. 200 units C. 300 units D. 400 units E. 500 units
Every wealthy society the world has ever known is characterized by
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