In the circular-flow diagram, which of the following items flows from households to firms through the markets for the factors of production?
a. goods and services
b. land, labor, and capital
c. dollars spent on goods and services
d. wages, rent, and profit
b
Economics
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Why is it difficult to determine whether an industry is operating efficiently when there is rapid technological process underway?
What will be an ideal response?
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If the wage increases, the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate inward around the point where only capital is employed in production. D) shift inward in parallel fashion.
Economics