The circular flow model shows that:
a. households are on the demand side of the resource market
b. firms are on the demand side of both the product and resource markets.
c. households are on the supply side of the resource market and the demand side of the product market.
d. firms and governments are on the supply side of the loanable funds market.
e. governments are on the demand side of the product market and the supply side of the resource market.
c
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In 2012, the United States imposed antidumping and countervailing duties totaling 24% and 36%, respectively, on imports of solar panels from two groups of Chinese solar panel exporters. Which of the following describes the process that led to these duties?
I. The U.S. Department of Commerce determined that China was dumping and subsidizing solar panels in the U.S. market II. The U.S. International Trade Commission determined that Chinese solar panel imports caused material injury to U.S. solar panel producers. III. The World Trade Organization determined that China was dumping and subsidizing solar panels in the U.S. market a. I and II b. I and III c. II and III d. I, II, and III
Ali's Gyros operates near a college campus. Ali has been selling 120 gyros a day at $4.50 each and is considering a price cut. He estimates that he would be able to sell 200 gyros per day at $3.50 each
a. Calculate the price elasticity of demand using the midpoint formula. b. Calculate the change in revenue as a result of the price cut.