1. Demand and supply are graphed: With quantity supplied on the vertical axis an

Question

1. Demand and supply are graphed:
With quantity supplied on the vertical axis and quantity demand on the horizontal axis
With quantity demanded on the vertical axis and quantity supplied on the horizontal axis
With quantity on the horizontal axis and price on the vertical axis
With quantity on the vertical axis and price on the horizontal axis


2. The purpose of an economic model is to:
Immediately decide which decisions are effective
Include all variables that may or may not cause change
Learn more about how firms and households make decisions
Make analysis difficult for those who are not economists


3. In the circular flow diagram
Households are buyers in the Factor Market
Firms are buyers in the Factor Market
Firms are sellers in the Factor Market
Household are sellers in the Production Market

Explanation / Answer

1 C 2 A 3 A

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