Figure 2-11 -Refer to Figure 2-11.One Segment of the Circular Flow Diagram

question 114

Multiple Choice

Figure 2-11

-Refer to Figure 2-11.One segment of the circular flow diagram in the figure shows the flow of wages and salaries from market K to economic agents M.What is market K and who are economic agents M?

• A)K = factor markets; M = households
• B)K = product markets; M = households
• C)K = factor markets; M = firms
• D)K = product markets; M = firms

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Definitions:

Request

A formal expression of desire to obtain a service or needing something from someone.

Recommendation

A suggestion or proposal as to the best course of action, especially one put forth by an authority or knowledgeable entity.

Apology

An expression of remorse or regret for an error or offense, often accompanied by an explanation or a request for forgiveness.

Compliance

The act of adhering to laws, regulations, standards, or policies.