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QUESTION:
Which of the following statements regarding the circular-flow diagram is true?
a. The factors of production are owned by households.
b. If Alicia works for Apple and receives a paycheck, the transaction takes place in the market for goods and services.
c. If Apple sells a computer, the transaction takes place in the market for factors of production.
d. The factors of production are owned by firms.
e. None of the answer choices are correct.
ANSWER:
a. The factors of production are owned by households.
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