Economists refer to the inputs that firms use to produce goods and services as
a. derived factors.
b. derived resources.
c. factors of production.
d. instruments of revenue.
c
You might also like to view...
The labor force is the sum of the working-age population and the number of unemployed people
Indicate whether the statement is true or false
The federal government has major assistance programs aimed at providing all of the following goods, except one. Which is the exception?
a. housing b. energy c. school lunches d. clothing e. food
Production through the firm is often more efficient than market exchange when
a. production requires many transactions among many resource owners b. production requires few transactions between two resource owners c. the cost of transacting business through market relations is less than the cost of undertaking the same activity within the firm d. inputs are easily identified, measured, priced, and hired e. the costs of determining inputs and negotiating contracts are low
An excess demand in a market implies that
a. the amount demanded is less than the amount supplied b. price is greater than the equilibrium price c. a shortage of the good exists d. a surplus of the good exists e. the government must implement a price ceiling