Asked by Jacqueline Alonso on Apr 26, 2024
Verified
In input, or factor, markets
A) consumers purchase products.
B) firms supply goods.
C) households supply resources.
D) households demand goods.
Input Markets
Markets where firms buy resources, goods, and services that they need in order to produce outputs that will be sold in output markets.
Households Supply
Refers to the goods and services supplied by households, including labor, to the market.
- Distinguish between different market types and understand their functions (factor, output, and product markets).
- Master the fundamentals of production components and their role in economic endeavors.
Verified Answer
LA
Linda AwuyehApr 27, 2024
Final Answer :
C
Explanation :
In input or factor markets, households supply resources such as labor, land, and capital, which are used by firms to produce goods and services.
Learning Objectives
- Distinguish between different market types and understand their functions (factor, output, and product markets).
- Master the fundamentals of production components and their role in economic endeavors.