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Which of the following statements is true in the simple circular flow model? Group of answer choices There is no government and no foreign sector
Which of the following statements is true in the simple circular flow model? Group of answer choices
There is no government and no foreign sector (closed economy).
Households make factor payments to firms for the resources they supply, which are used to produce goods and services.
Factor prices are determined by the interaction of supply and demand of resources.
All of the above.
Only a) and c)
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