Question

With increased access to wireless technology and lighter​ weight, the demand for tablet computers has increased substantially. Tablets have also become easier and cheaper to produce as new technology becomes available. 1) When consumers purchase tablet​ computers, the interaction and exchange occurs in the (product/factor) ​market, 2) while the resources used to produce the tablets are bought and sold in the (product/factor) market.

Answer 1

Answer: The answer is as follows:

Explanation:

(1) When the consumers buy tablet computers, so this exchange will be occurs in the product market because there is a exchange of goods and services between the two parties that the buyer of tablet computers and seller of the same. Product market refers to the market at which there is a buying and selling of goods and services.

(2) Whereas the resources that are used to produce the tablet computers are bought and sold in the factor market. Factor market refers to the market in which there is a buying and selling of inputs that are used to produce certain products.