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Vlada [557]
3 years ago
8

Identify whether each of the following transactions will take place in the factor marketLOADING... or in the product marketLOADI

NG... and whether households or firms are supplying the good or service or demanding the good or service. George buys a Tesla Model S.
a. George buys a Tesla Model S.
b. Tesla increases employment at its Fremont plant.
c. George works 20 hours per week at McDonald’s.
d. George sells the land he owns to McDonald’s so that it can build a new restaurant.
Business
1 answer:
Debora [2.8K]3 years ago
6 0

Answer:

a. George buys a Tesla Model S.

Product market.  Demanded by household  and supplied by the firm

b. Tesla increases employment at its Fremont plant.

Factor market.  Demanded by firm  and supplied by the household

c. George works 20 hours per week at McDonald’s.

Factor market.  Demanded by firm  and supplied by the household

d. George sells the land he owns to McDonald’s so that it can build a new restaurant.

Factor market.  Demanded by firm  and supplied by the household

Explanation:

a. George buys a Tesla Model S.

The transaction took place in the product market.

The good was demanded by household

The good was supplied by the firm

b. Tesla increases employment at its Fremont plant.

The transaction took place in the factor market.

The labor was demanded by firm

The labor was supplied by the household

c. George works 20 hours per week at McDonald’s.

The transaction took place in the factor market.

The labor was demanded by firm

The labor was supplied by the household

d. George sells the land he owns to McDonald’s so that it can build a new restaurant.

The transaction took place in the factor market.

The factor of production was demanded by firm

The factor of production was supplied by the household

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