Asked by Bianca Junio on Jun 28, 2024
Verified
Which of the following is sold in the factor market?
A) hamburgers
B) video games
C) haircuts
D) labor
Factor Market
A marketplace for the services of a factor of production, such as labor, capital, or land.
Labor
Human effort, whether physical or mental, used in the production of goods and services.
- Identify and differentiate between factor and product markets.
Verified Answer
ZK
Zybrea KnightJul 04, 2024
Final Answer :
D
Explanation :
Labor is sold in the factor market as it refers to the services provided by individuals to firms or organizations in return for wages or salaries. Hamburgers, video games, and haircuts are products that are sold in the product market.
Learning Objectives
- Identify and differentiate between factor and product markets.