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:

Strictly Liable

A legal condition where a party is responsible for damages or loss, regardless of fault or negligence.

Dangerous Object

An item that through its inherent characteristics, use, or misuse, can reasonably be foreseen to cause injury or harm.

Motor Vehicle

A self-propelled vehicle used for transporting passengers or goods on a road.

Peroxide

A compound containing two oxygen atoms bonded together in its molecule or as the anion O2^2-. Commonly used as a bleaching agent and antiseptic.