Homework Answers
Answer
A. Consumption expenditure
Here this diagram represents the circular flow diagram.
Whatever the revenue comes for business is all the spending by the household. Household buys goods from the businesses and Bussiness use thair revenue from sales to wages, rent and profit to workers, landowners and to owners of these business.
So here 1 represents the spending or consumption expenditure of households.
Answer B.
Price ceiling of $1 will result in shortage.
Explanation :
When firm's quantity supplied and quantity demanded are equal, it is called equilibrium quantity. But when we put ceiling of $1, then producer reduce the supply but the consumer increase the quantity demanded. This results in shortage.
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