If the Federal Reserve Bank raises interest rates another time this year, the economy will enter a recession in the year 2000. Female faculty deserve higher pay. Consider the circular flow diagram. Consumers are buyers in the resource market and buyers in the product markets. Firms are sellers in the product markets and buyers in resource markets.
Consumers are sellers in the products market and buyers in the resource market.
None of the above is correct. Firms would lower output. Consumers would want to buy less. Consumers would bid up the price and firms would expand output. The price and quantity sold would remain unchanged.