Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents total income?
A) Arrow A B) Arrow B C) Arrow C D) Arrow D
D
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In the product markets, households
A) are neither buyers nor sellers in the market. B) are the buyers of goods and services. C) are the sellers of resources. D) none of the above is correct.
If inflation is anticipated, some effects of inflation on the redistribution of income can be avoided
Indicate whether the statement is true or false
If a surplus accumulates as the result of agricultural support prices, the government must buy it; otherwise the support price cannot be maintained
Indicate whether the statement is true or false
A profit-maximizing monopoly will NEVER produce along a range of output for which
A) the demand curve is elastic. B) the demand curve is inelastic. C) the price elasticity of demand is greater than 1. D) the price elasticity of supply is greater than 1.