A circular flow model shows the interrelationship between the ________ markets and the ________ markets
A) expenditure; income
B) household; goods
C) business; household
D) goods; factor
E) household; factor
D
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A consumer is likely to _____________ his opportunity costs when ____________.
A. undervalue; they are not right in front of him B. undervalue; they are obvious C. overvalue; they are not obvious D. overvalue; they are right in front of him
Briefly contrast how firms in a perfectly competitive market will respond to long-run profits and losses. Include an explanation of how each response affects the price level
A benefit of a monopoly is
a. efficient production. b. decreasing long-run marginal costs. c. profit that can be invested in research and development. d. All of the above are correct.
If we observe that William's budget constraint has moved inward, then we know for certain that
a. his income must have decreased. b. he will be indifferent between goods X and Y. c. the price of one or both of the goods must have increased. d. his utility will decrease.