In the circular flow, ________ provide the factor services
A) businesses and households B) producers
C) households D) businesses
C
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The public choice model
A) applies economic analysis to government decision making. B) applies economic analysis to the collective decision making of consumers. C) examines the public's role in appointing politicians and ensuring that elected officials act in ways to reflect the public's preferences. D) examines the degree of market power that the public exerts in a market economy.
Even if two products have different characteristics, such as color, the products are only considered heterogeneous if consumers
A) consider the two products as perfect complements. B) consider the two products as perfect substitutes. C) consider the two products as imperfect substitutes. D) consider the two products as imperfect complements.