Figure 2-16 -Refer to Figure 2-16. in the Circular Flow Diagram, Market

question 136

Multiple Choice

Figure 2-16
-Refer to Figure 2-16. In the circular flow diagram, market K represents

• A) households.
• B) product markets.
• C) firms.
• D) factor markets.

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Definitions:

Include Tax

To factor in the applicable taxes when stating a price or calculating the total cost of goods or services.

Average Speed

The total distance traveled divided by the total time taken to travel that distance.

Los Angeles

A major city in the state of California, USA, known for its entertainment industry, diverse population, and cultural landmarks.

Miles Per Hour

A unit of speed expressing the number of miles traveled in one hour, commonly used in the United States and the UK.