Which of the Following Is Considered a Final Good or Service

question 42

Multiple Choice

Which of the following is considered a final good or service?

• A) An airline ticket purchased to go on a business trip
• B) The flour used by a baker to make bread
• C) The bread purchased by a sub shop to make sandwiches
• D) The steel used to make a car

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Definitions:

Perfectly Competitive

A perfectly competitive market is one where there are many buyers and sellers, all selling identical products, with no single buyer or seller able to influence the market price.

Sellers

Participants in a market who offer goods or services for sale.

Zero Profit

A condition in which a firm's total revenues are exactly equal to its total costs, making no economic profit.

Electricity Prices

The amount charged by energy suppliers for the consumption of electrical power.