The circular flow model illustrates that aggregate spending in the product markets equals 70 percent of aggregate income earned in the factor markets

Valuing environmental services based on estimating the value of different characteristics of market goods is called

a. Travel cost method b. Contingent valuation c. Hedonic pricing d. Production function valuation e. Avoided cost valuation

A local restaurant sells strawberry pie for $3.00 per slice. However, if you order the prime rib dinner, you can get a slice of pie for only a dollar. This is an example of

A) bundling. B) second-degree price discrimination. C) a two-part tariff. D) tying. E) none of the above