Asked by Irina Eriomov on Jun 06, 2024
Verified
In an output market
A) consumers purchase products.
B) firms purchase resources.
C) households earn income.
D) land, labor, and capital may be exchanged.
Output Market
Marketplaces where finished goods or services are sold to consumers, as opposed to input markets where raw materials are bought.
Consumers
Individuals or entities that purchase goods or services for personal use, not for manufacture or resale.
Firms
Business entities that produce goods or provide services with the aim of making a profit.
- Characterize the different market forms and their activities (factor, output, and product markets).
- Understand the circular flow of income and product in an economy.
Verified Answer
BP
Barbara PalacioJun 12, 2024
Final Answer :
A
Explanation :
In an output market, consumers purchase products. This is where finished goods and services are sold to the end user.
Learning Objectives
- Characterize the different market forms and their activities (factor, output, and product markets).
- Understand the circular flow of income and product in an economy.