Question

If Anderson works 37 hours each week as a clerk at the county​ courthouse, he is supplying labor in an

Answer 1

Answers:

1. If Anderson works 37 hours each week as a clerk at the county​ courthouse, he is supplying labor in an  input market. Anderson is considered as household.

2. If Mei Lin purchases a​ 3-week Mediterranean cruise vacation for her​ parents, the cruise ship company is supplying a service in the  output market.

3. The cruise ship company is considered  as firm.

4. If Caterpillar doubles employment at its​ Huntsville, Alabama​ factory, Caterpillar is demanding labor in the input market.

5. Caterpillar is considered a  firm.

6. If the Greyson family sells their​ 250-acre ranch to​ Marriott, so Marriot can build a new resort and golf​ course, the Greyson family is supplying land in an input market.

7. The Greyson family is considered household.

Explanation:

Households provide the demand for the goods and services in the market. Households also provide inputs to the firms in the form of labor. The households earn wages through supply of labor to the labor market. Firm is any business organisation that sells goods or services to make profits. Firms take labor as input from the households. Firms supply goods and services for the households.

Input means taking things into firm while output means giving out a product or service to households.