These Are the Primary Suppliers of Output and the Primary

question 21

Multiple Choice

These are the primary suppliers of output and the primary demanders of labor and other economic resources

• A)Businesses
• B)Households
• C)Government
• D)Foreign investors

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Definitions:

Supplier Power

The influence that suppliers may exert on businesses and markets by controlling the pricing and quality of their goods or services.

Perfect Competition

A market structure characterized by an infinite number of small suppliers and buyers, leading to price-taking behavior.

Monopolists

Firms or individuals that are the sole providers of a particular product or service in a market, giving them the power to set prices without competition.

Profitable

The ability of a business or activity to generate earnings that exceed its expenses and costs.