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Author Question: In a simple circular flow diagram, who supplies factors of production in markets and who buys these ... (Read 50 times)

CBme

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on: Jun 29, 2018
In a simple circular flow diagram, who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?
 
  What will be an ideal response?

Question 2

Refer to Figure 4-1. If the market price is 1.00, what is the maximum number of burritos that Arnold will buy?
 
  A) 1 B) 2 C) 3 D) 4


jackie

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Households supply factors of production and buy goods and services in markets. Firms buy factors of production and supply goods and services in markets.

Answer to Question 2

D


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