Figure 2-1 -Refer to Figure 2-1.What Is Flowing from Rectangle 1 to Rectangle

question 324

Multiple Choice

Figure 2-1
-Refer to Figure 2-1.What is flowing from rectangle 1 to oval A?

• A) revenue
• B) goods and services sold
• C) factors of production
• D) labor,land,and capital

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Definitions:

Monopoly Market

A market structure characterized by a single seller who has exclusive control over the supply of a product or service, and where there are high barriers to entry for other firms.

Perfectly Competitive

A market structure characterized by many sellers offering identical products, free entry and exit, and full information, leading to price taking behavior.

Output

The total amount of goods or services produced by a firm, industry, or economy.

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in its price.