A circular flow model shows the interrelationship between the ________ market and the ________ markets
A) household; goods
B) household; factor
C) business; household
D) expenditure; income
E) goods; factor
E
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If in monopolistic competition in the short run, firms make ________ profits, then in the long run, new firms will enter the market. The ________ each individual firm's product will ________
In the new long-run equilibrium firms will make ________ profit. A) economic; demand for; decrease; zero economic B) normal; demand for; increase; zero economic C) economic; supply of; decrease; an economic D) economic; supply of; increase; zero economic
The price elasticity of demand is a measure of
A) the responsiveness of the quantity demanded of a good to a changes in the price of the good. B) the quantity demanded of a good at a given price. C) the demand for a product holding prices constant. D) the horizontal shift in the demand curve when the price of a good changes.