An Example of Intermediate Goods Would Be

question 132

Multiple Choice

An example of intermediate goods would be

• A)bricks bought by a homeowner for constructing a patio.
• B)sacks of groceries bought by a dentist for his family.
• C)cars bought by a car-rental company.
• D)paper and ink bought by a publishing company.

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Definitions:

Long-run Equilibrium

A state in which all factors of production and costs are variable, allowing firms in a perfectly competitive market to make zero economic profit, balancing supply and demand.

Maximum Profits

The highest possible financial gain that a business can achieve in a given period, optimizing revenue while minimizing costs.

Long-run Equilibrium

A state in which supply equals demand and all factors of production and markets are in balance, typically considered in the context of perfect competition.

Purely Competitive

A market scenario where products are identical, leading to numerous sellers and buyers where no single entity can influence market prices.