In the simple circular flow model,
a. profits are a type of income that is not received by households.
b. households spend their entire income on consumer products.
c. businesses buy labor services from households, but supply other factors of production themselves.
d. households spend the income they receive from labor services but save the income they receive from selling the other factors of production.

Nextdoor is an instant messaging application for smartphones. new smartphone users find it easier to connect with friends and relatives through this mobile app when compared to other similar instant messaging applications. hence, it has the largest user base in the industry. thus, nextdoor app's value has increased primarily due to itsa. learning curve effects. b. economies of scale. c. economies of scope. d. network effects.

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)

Suppose a country's productivity last year was 84. if this country's productivity growth rate of 5 percent is to be maintained, this means that this year's productivity will have to be: