The market value of all domestically produced final goods and services are also equal to the total amount spent by ________ less spending on imported goods and services.
A. households, firms, and governments
B. households, firms, and the foreign sector
C. households, firms, governments, and the foreign sector
D. households and firms
Answer: C
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Even with a limited number of governments, everyone's government demand can be met
a. True b. False
An inferior good is one for which demand increases as
a. price decreases b. price increases c. income increases d. income decreases e. the price of a related good decreases
If two goods are complementary, it means that when the price of one good increases, the demand for the other rises.
Answer the following statement true (T) or false (F)
If individual firms face a horizontal demand curve at a given market price:
A. price is equal to average total cost. B. price is equal to marginal cost. C. price is equal to marginal revenue. D. price is equal to average variable cost.