The Free Market

Question 10 • VT-GA-EOC-Personal Finance & Economics A ULHS

What is the product market?

Answer

the market in which payments are received for selling products to consumers

the market in which income is received for supplying land, labor, or capital

the market in which firms purchase the factors of production from households

the market in which households purchase the goods and services that firms produce

Explanation

A product market is where households buy the goods and services that firms produce. Therefore, choice D is correct. The market where firms buy land, labor, or capital from households is a factor market, not a product market.

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