Which of the Following Is an Example of a Primary

question 35

Multiple Choice

Which of the following is an example of a primary service

• A) The cooling provided by an air conditioner
• B) The customer service hotline of an electronics company
• C) A pen drive given along with a laptop
• D) An antivirus program given along with a smartphone

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Definitions:

Equilibrium Wage Rate

The equilibrium wage rate is the wage level at which the quantity of labor supplied by workers equals the quantity of labor demanded by employers in the market.

Marginal Productivity

The change in output resulting from employing one more unit of a particular input, keeping all other inputs constant.

Income Distribution

Refers to how a nation’s total GDP is distributed amongst its population.

Equilibrium Quantity

The level of output at which the demand for a product matches its supply, marking a state of balance in the market.