Households
A) have no involvement in the circular flow in a market economy.
B) sell goods in the product market.
C) purchase resources in the factor market.
D) sell resources in the factor market.
D
Economics
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Which of the following statements is not valid when supply is perfectly elastic?
a. The elasticity of supply approaches infinity. b. The supply curve is horizontal. c. Very small changes in price lead to very large changes in quantity supplied. d. The time period under consideration is more likely a short period rather than a long period.
Economics
If aggregate demand and aggregate supply both shift right, we can be sure that the price level is higher in the short run
a. True b. False Indicate whether the statement is true or false
Economics