In the Circular Flow of Economic Life, Which Players Are

question 61

Multiple Choice

In the circular flow of economic life, which players are the main buyers in output markets?

• A) economists
• B) households
• C) governments
• D) banks
• E) businesses

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Definitions:

Highly Concentrated Industry

An industry dominated by a small number of firms, leading to reduced competition and potentially higher prices for consumers.

Pittsburgh Plate Glass

Pittsburgh Plate Glass, known today as PPG Industries, is an American global supplier of paints, coatings, optical products, specialty materials, chemicals, glass, and fiberglass.

Differentiated Oligopoly

A market structure in which a few firms dominate the market, and each firm offers a product or service that is slightly different from that of its competitors.

Household Appliance

Electrical or mechanical machines used in homes to perform domestic tasks such as cooking, cleaning, and food preservation, enhancing comfort and convenience.