_{-------------}choose the Quantities of Factors of Production to Hire And_{-------------}

question 87

Multiple Choice

_{-------------}choose the quantities of factors of production to hire and_{-------------} choose the quantities of goods and services to produce.

• A)Firms; households
• B)Factor markets; goods markets
• C)Firms; firms
• D)Entrepreneurs; firms
• E)Markets; markets

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Definitions:

Pizza

A popular dish of Italian origin consisting of a round, flattened base of leavened wheat-based dough topped with tomatoes, cheese, and often various other ingredients.

Income Elasticity

An indicator that shows the variation in demand for a product based on changes in the income levels of consumers.

Pro Football Games

Professional American football matches played by teams that are members of the National Football League (NFL) or other professional football leagues.

Normal Goods

Goods for which demand increases as the income of consumers increases and vice versa, showing a direct relationship between income and demand.