The rate law predicted by the following two-step mechanism is rate = k[A][B]. ![The rate law predicted by the following two-step mechanism is rate = k[A][B].](https://d2lvgg3v3hfg70.cloudfront.net/TB3246/11ea7cbf_8f1b_24f3_a2ab_07cae84ced06_TB3246_00.jpg)
Definitions:
Household
An economic unit that consists of all individuals who occupy a housing unit, regardless of their relationship.
Business
Organized efforts by individuals or entities to produce, sell goods or provide services for profit.
Factor Market
A marketplace where factors of production (e.g., labor, capital, land) are bought and sold.
Circular-Flow Diagram
A visual model of the economy that shows the flow of money, goods and services, and factors of production between households and businesses.
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