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Chris M.
Chris M., M.S.W. Social Work
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Please help answering the following The circular flow of

Resolved Question:

Please help answering the following:
The circular flow of economic activity shows the interdependency of firm and household decision making.
•     True
•     False

2. A demand curve is a graph identifying how much of a product a household would be willing to sell at different prices.
•     True
•     False

3. When a market is in equilibrium, there is a tendency for price to change.
•     True
•     False

4. If there is a surplus in a market, the actual price is above the equilibrium price.
•     True
•     False

5. Which of the following is not an important factor for determining household demand for a product?

    a. Wealth of the household
    b. Price of other products
    c. Household tastes
    d. Package design

6. Hot dogs are an example of a(n):

    a. inferior good
    b. normal good
    c. superior good
    d. inflationary good

7. As more is learned about the detrimental health consequences of smoking, the demand for cigarettes:

    a. rises
Submitted: 7 years ago.
Category: Homework
Expert:  Chris M. replied 7 years ago.

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