Market equilibrium
i. can never occur because there are always people who want a good but cannot afford it.
ii. occurs at the intersection of the supply and demand curves.
iii. is the point where the price equals the quantity.
A) ii only
B) iii only
C) ii and iii
D) i only
E) i and ii
A
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State and local tax receipts are dominated by
A) property taxes and state income taxes. B) state income taxes and sales taxes. C) property taxes and sales taxes. D) sales taxes and business taxes.
One of the features of the circular flow model is that it shows the: a. interaction between the government and firms in the financial market
b. interaction between employers and employees in the labor market. c. interaction between households and firms in the market for goods and services. d. interaction between large business houses and households in the financial market.