Which Actor in the Simplified Circular Flow Model Is on the Supply

question 1

Multiple Choice

Which actor in the simplified circular flow model is on the supply side of the goods market?

• A) Firms
• B) Households
• C) Markets for factors of production
• D) Government

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Definitions:

Restatement Third

A set of legal principles in the United States that organizes, clarifies, and suggests improvements for tort, agency, trusts, property, restitution, suretyship, and other areas of the law.

Economic Harm

covers the financial losses and damages suffered by an individual or entity due to another's actions or failure to act.

Intentional

In law, actions performed with the conscious objective or purpose to accomplish a particular result.

Comparative Negligence

A legal doctrine that reduces the amount of damages a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to cause the injury.