Factor Markets Are Different from Product Markets in an Important

question 293

Multiple Choice

Factor markets are different from product markets in an important way because

• A)equilibrium is the exception, and not the rule, in factor markets.
• B)the demand for a factor of production is a derived demand.
• C)the demand for a factor of production is likely to be upward sloping, in violation of the law of demand.
• D)All of the above are correct.

---

Definitions:

Explicit Memory

Explicit memory involves conscious recollection of previous experiences or information, such as facts and events.

Semantic Memories

A form of enduring memory that deals with the ability to remember words, ideas, or digits, crucial for language comprehension and application.

Episodic Memories

Memories of specific events or episodes in one's life, including the contextual details of when and where they occurred.

Episodic Memory

A type of long-term memory that involves the recollection of specific events, situations, and experiences, including the context and emotions associated with them.