Asked by Mourier Macha on May 12, 2024
Verified
In factor, or input, markets
A) consumers purchase products.
B) firms supply goods.
C) firms demand resources.
D) households demand goods.
Factor Markets
Markets where services of the factors of production (notably labor, land, and capital) are bought and sold.
- Determine the distinct categories of markets and their operations (factor, output, and product markets).
Verified Answer
SM
Serge MissirianMay 14, 2024
Final Answer :
C
Explanation :
In factor markets, firms demand resources (such as labor, land, and capital) to produce goods and services. This is where they acquire what they need to create their products.
Learning Objectives
- Determine the distinct categories of markets and their operations (factor, output, and product markets).