Asked by Quentin Pharis on Jun 27, 2024
Verified
Sally's Sandwiches produces sandwiches using one variable input-labor. Sally's Sandwiches is a ________ in the labor market and a ________ in the sandwich market.
A) producer; consumer
B) consumer; producer
C) consumer; consumer
D) producer; producer
Variable Input
Inputs or resources whose quantity can be changed in the short term to adjust the level of production, such as labor or raw materials.
Labor Market
The marketplace in which employers find workers and workers find jobs, characterized by the demand and supply of labor.
- Identify the variances among various economic concepts pertaining to labor demand, including derived demand, marginal product, and marginal revenue product.
Verified Answer
ZK
Zybrea KnightJul 03, 2024
Final Answer :
B
Explanation :
Sally's Sandwiches consumes labor to produce sandwiches, making it a consumer in the labor market and a producer in the sandwich market.
Learning Objectives
- Identify the variances among various economic concepts pertaining to labor demand, including derived demand, marginal product, and marginal revenue product.