Which of the Following Is Correct with Respect to Input

question 143

Short Answer

Which of the following is correct with respect to input and output markets?
In the input market, firms supply goods and services in response to demand on the part of households.
In the output market, firms buy resources from households, which then supply those resources.
Consumer buying patterns provide information that helps companies decide which products to produce.
Consumers are restricted in the companies they can work for.
Input and output markets exist only in communist countries.

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Definitions:

Cost Driver

A factor that creates or drives the cost of activities and services, used in activity-based costing to allocate costs accurately.

Just-In-Time Purchasing

A purchasing strategy where materials are ordered and received only as they are needed in the production process, minimizing inventory costs.

Quality Control

The process of ensuring that products and services meet customer expectations and regulatory requirements through consistent monitoring and evaluation.

Delivery Schedules

Planned timelines for the delivery of products or services to customers, detailing when and how deliveries are expected to be made to meet customer demands.