The player in the economy that supplies labor in the factor market is households.
Economists refer to all of the resources that firms utilize to buy, rent, or hire the equipment they use to generate goods or services as the "factor market."
The factors of production—raw materials, land, labor, and capital—are what are required to meet these needs.
The input market is another name for the factor market.
By this definition, all markets fall into one of two categories: those that provide businesses with the resources they require, or those that provide consumers with the goods and services they need to make purchases.
The market for finished goods or services is referred to as an output market, whereas a factor market is referred to as an input market.
This can be seen as a closed-loop flow where households are sellers and businesses are buyers in the factor market and vice versa in the market for goods and services.
Hence, The player in the economy that supplies labor in the factor market is households.
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Answer:
a. market value of an economy's production of final goods and services in a one year period.
Explanation:
GDP is the sum of all final goods and services produced in an economy within a given period which is usually a year.
GDP = Consumption spending + Investment spending + Government Spending + Net Export
GDP doesn't include intermediate goods. Therefore it is not the market value of an economy's production of all goods and services in a one year period.
Total expenditures of the federal government over the period of one year is known as government spending.
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If AR is constant, MR is equal to AR. Both are indicated by the same horizontal straight line(a situation of perfect competition)
<h3>What is the marginal revenue curve for a perfectly competitive firm?</h3>
- Marginal revenue for a company with perfect competition is the same as average revenue and pricing.
- This suggests that at values bigger than the average variable cost, the firm's short-run supply curve is its marginal cost curve.
- The company closes if the price falls below the average variable cost.
Marginal revenue is the change in total revenue when one more unit of a commodity is sold.
MR= change in TR/change in quantity sold
Average revenue refers to revenue per unit of output.
AR=TR/Q
Relationship between AR and MR:
If AR is constant, MR is equal to AR.
Both are indicated by the same horizontal straight line(a situation of perfect competition)
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Explanation:
A technique to bring changes in the
entire organization, rather man
focusing attention on individuals to
bring changes easily is Organizational development
Answer: See explanation
Explanation:
In a situation whereby the attorney of the passenger tried resolving the dispute in good faith, then the bus company must be ordered by the court to produce the report as well as the payment of reasonable cost that was incurred in making the motion.
It should however be noted that such cost may not be awarded when the movant had filed the motion before obtaining the disclosure in good faith. Also, the cost with be given when the nondisclosure response of the opposing party was justified.
