TCITOE Suppose Lucia earns $550 per week working as a corporate attorney for Rowan and Martin Associates. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Kenji $500 per week to work the cash register. Kenji uses $250 to purchase legal service from Rowan and Martin Associates. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Kenji spends $250 to purchase legal service from Rowan and Martin Associates. O O Lucia earns $550 per week working for Rowan and Martin Associates. O O O O Lucia spends $10 to buy a box of aspirin. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. Lucia's labor The $500 per week Kenji earns working for Pillmart Pharmacy The $250 Kenji spends to purchase legal service from Rowan and Martin Associates The aspirin Lucia receives H 4

TCITOE Suppose Lucia earns $550 per week working as a corporate attorney for Rowan and Martin Associates. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Kenji $500 per week to work the cash register. Kenji uses $250 to purchase legal service from Rowan and Martin Associates. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Kenji spends $250 to purchase legal service from Rowan and Martin Associates. O O Lucia earns $550 per week working for Rowan and Martin Associates. O O O O Lucia spends $10 to buy a box of aspirin. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. Lucia's labor The $500 per week Kenji earns working for Pillmart Pharmacy The $250 Kenji spends to purchase legal service from Rowan and Martin Associates The aspirin Lucia receives H 4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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