Asked by Chris Mortell on Jun 25, 2024
Verified
Labor is demanded by firms in an output market.
Output Market
The output market is the marketplace in which goods and services produced by firms are sold or exchanged, contrasting with input markets where firms buy resources needed for production.
Labor
The physical and mental effort used to produce goods and services.
- Comprehend the elements of production and their importance in economic tasks.
Verified Answer
SY
Sakshi YadavJun 27, 2024
Final Answer :
False
Explanation :
Labor is demanded by firms in the factor market, not the output market. The output market is where goods and services produced by firms are sold.
Learning Objectives
- Comprehend the elements of production and their importance in economic tasks.