Competition means that:
A. sellers can manipulate market price by causing product scarcities.
B. there are independently acting buyers and sellers in each market.
C. a product can be purchased at a number of different prices.
D. there is more than one seller in a market.
Answer: B
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A. higher; higher B. higher; lower C. lower; higher D. equal; higher
The circular flow model ignores a host of major economic institutions and activities. Focusing on only one basic fact about how the economy works is the model's
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The value of final output produced in a given period, adjusted for changing prices is
What will be an ideal response?