In the product markets, households
A. are the sellers of resources.
B. are neither buyers nor sellers in the market.
C. are the buyers of goods and services.
D. none of these is correct.
Answer: C
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The more firms there are in a market, the:
A. larger will be the price effect of one firm's output decision. B. smaller will be the price effect of one firm's output decision. C. more collusion is likely to happen. D. None of these statements is true.
Marginal utility must be positive
a. True b. False Indicate whether the statement is true or false
Exit from a perfectly competitive industry causes the market supply curve to shift to the left, resulting in a lower quantity of output and a higher price
a. True b. False Indicate whether the statement is true or false
A famous novelist holds the copyright to her literary works. She creates a monopoly by: a. limiting the number of books she writes
b. cutting down per unit production cost. c. restricting other authors from plagiarizing her work. d. restricting the demand for her books.