What are the limitations of Circular Flow Model
What are the limitations of Circular Flow Model?
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1. Does not depict transactions between households and between businesses.
2. Ignores government and the “rest of the world” in the decision-making process.
3. Does not explain how prices of products and resources are actually determined.
The new supply and demand curves within University City are S0 and D0. But after the county commission imposed a $3 per six-pack excise tax upon beer, monthly sales of six-packs: (w) fell to 10,000, and buyers paid $6.50 each, bu
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