Homework Answers
In an output market, products are bought by consumers and sold by firms.
In the factor market, factors or resources such as land, labor and capital are bought and sold. They are bought by firms and sold by households. Hence, in the factor market, household earns income by selling factors/resources.
Hence, the first option is correct and all other options are applicable for the factor market.
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QUESTION 27 In an output market, O consumers purchase products. O firms purchase resources. O land,...
QUESTION 7 10 points Save Answer In a simple circular-flow diagram, firms O purchase resources from...
QUESTION 7 10 points Save Answer In a simple circular-flow diagram, firms O purchase resources from households O purchase the output produced by households O receive income by selling resources to households O All of the above are correct
please answer only the odd numbers 2) A factor market is A) where goods are exchanged...
please answer only the odd numbers
2) A factor market is A) where goods are exchanged B) where resources are exchanged. C) where goods are made. D) organized by government 3) In an output market, A) consumers purchase products B) firms purchase resources C) households earn income. D) Land, labor, and capital may be exchanged. 3.3 Demand in Product/Output Markets 1) Which of the following is held constant along A) price of the good B) quantity C) income D) both...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures) through the product market. orest proses sual, entrepre wages, rents BUSINESSES . buy...
Having problems with this question Firms must typically purchase inputs from suppliers to produce output What...
Having problems with this question
Firms must typically purchase inputs from suppliers to produce output What effect might suppliers have on an industry? O A. If suppliers are price takers, then a firm will likely be a price taker with no ability to raise price. OB. If only a few firms can supply an input, then markets will likely experience shortages because firms are unable to produce sufficient output O C. Suppliers cannot affect output markets, although an output market...
Suppose that the consumers spend 80% of each additional dollar of income. In other words, marginal...
Suppose that the consumers spend 80% of each additional dollar of income. In other words, marginal propensity to consume (c1) is 0.8. Assuming a hypothetical economy which is composed of households and firms, what is the value of multiplier? QUESTION 27 Assume that the marginal propensity to consume is 0.8. How much will the output increase as a result of a $100 increase in investment spending? O 400 O 500 O 100 O 50 QUESTION 28 Assuming that there is...
Which choice is not a characteristic of a competitive market? O firms sell similar products O...
Which choice is not a characteristic of a competitive market? O firms sell similar products O firms have some degree of control over prices O little or no barriers to entry O a large number of firms offering similar products
. Consider a market with four firms in a cartel agreement which explicitly colludes to set a price by collectively restricting market output. The inverse market demand is P-1000-5 Q, and each fir...
. Consider a market with four firms in a cartel agreement which explicitly colludes to set a price by collectively restricting market output. The inverse market demand is P-1000-5 Q, and each firm has total costs of C(Q)-7000 +40 Q. (27 points) a) Determine the equilibrium price and quantity in the market. b) Calculate the output each individual firm will produce. c) Calculate the profits each firm will earn. Suppose one firm decides to unilaterally increase output by ten while...
Question 5 of 27 Shift factors for the supply curve include changes in price of productive...
Question 5 of 27 Shift factors for the supply curve include changes in price of productive resources. These include all of the following, except time Select- land time Question 6 of 27 capital entrepreneurship labor True or false. A market-clearing price only occurs in a market in equilibrium
According to the Circular Flow Model on page 40, Households spend money by consuming products in...
According to the Circular Flow Model on page 40, Households spend money by consuming products in the product market. This money is Blank 1 for businesses. Businesses use the revenue to cover their Blank 2 of production (such as land, labor, capital) in the resource market. That money flows as Blank 3 to households. The factors of production flow from Blank 4 to the Blank 5 market. These resources are used by businesses to create goods and services and sell...
QUESTION 4 If consumers view the output of any firm in a market to be identical...
QUESTION 4 If consumers view the output of any firm in a market to be identical to the output of any other firm in the market, the demand curve for the output of any given firm will be identical to the market demand curve. will be vertical. will be horizontal. cannot be determined from the information given.
QUESTION 7 10 points Save Answer In a simple circular-flow diagram, firms O purchase resources from households O purchase the output produced by households O receive income by selling resources to households O All of the above are correct
please answer only the odd numbers
2) A factor market is A) where goods are exchanged B) where resources are exchanged. C) where goods are made. D) organized by government 3) In an output market, A) consumers purchase products B) firms purchase resources C) households earn income. D) Land, labor, and capital may be exchanged. 3.3 Demand in Product/Output Markets 1) Which of the following is held constant along A) price of the good B) quantity C) income D) both...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures) through the product market. orest proses sual, entrepre wages, rents BUSINESSES . buy...
Having problems with this question
Firms must typically purchase inputs from suppliers to produce output What effect might suppliers have on an industry? O A. If suppliers are price takers, then a firm will likely be a price taker with no ability to raise price. OB. If only a few firms can supply an input, then markets will likely experience shortages because firms are unable to produce sufficient output O C. Suppliers cannot affect output markets, although an output market...
Suppose that the consumers spend 80% of each additional dollar of income. In other words, marginal propensity to consume (c1) is 0.8. Assuming a hypothetical economy which is composed of households and firms, what is the value of multiplier? QUESTION 27 Assume that the marginal propensity to consume is 0.8. How much will the output increase as a result of a $100 increase in investment spending? O 400 O 500 O 100 O 50 QUESTION 28 Assuming that there is...
Which choice is not a characteristic of a competitive market? O firms sell similar products O firms have some degree of control over prices O little or no barriers to entry O a large number of firms offering similar products
. Consider a market with four firms in a cartel agreement which explicitly colludes to set a price by collectively restricting market output. The inverse market demand is P-1000-5 Q, and each firm has total costs of C(Q)-7000 +40 Q. (27 points) a) Determine the equilibrium price and quantity in the market. b) Calculate the output each individual firm will produce. c) Calculate the profits each firm will earn. Suppose one firm decides to unilaterally increase output by ten while...
Question 5 of 27 Shift factors for the supply curve include changes in price of productive resources. These include all of the following, except time Select- land time Question 6 of 27 capital entrepreneurship labor True or false. A market-clearing price only occurs in a market in equilibrium
QUESTION 4 If consumers view the output of any firm in a market to be identical to the output of any other firm in the market, the demand curve for the output of any given firm will be identical to the market demand curve. will be vertical. will be horizontal. cannot be determined from the information given.
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