If Mark sells cattle to a meat packing plant, Mark is part of the ____________market.
The plant is a ___________.
This question will have two correct answers.
resource, monopsony buyer
resource, household
resource, firm
product, firm
resource, part of the circular flow
Which of the following is most likely to be sold in the product market?
You will choose two answers for this question.
Labor and bulldozers
Oysters and stopwatches
Cereal and holiday stockings
Caulking and cardboard boxes
Labor and heavy equipment
For the first question, I know choice 3 is correct, and for the second question I know choice 2 is correct. Please help me with the other answer choice for each of them
For the first one I believe it to be C and B
For the second it is B and C
Which of the following is an example of a capital resource?
For the first question, the second correct answer is "resource, household." When Mark sells cattle to a meat packing plant, he is participating in the resource market because he is providing a resource (cattle) to the plant. The plant, on the other hand, is a firm because it is engaged in the production and selling of goods (meat).
For the second question, the other correct answer is "Caulking and cardboard boxes." The product market refers to the market where finished goods and services are bought and sold. In this case, caulking and cardboard boxes are tangible goods that are likely to be sold in the product market, along with the other options mentioned.