Which of the Following Is Correct with Respect to Input

question 202

Multiple Choice

Which of the following is correct with respect to input and output markets?

• A) In the input market, firms supply goods and services in response to demand on the part of households.
• B) In the output market, firms buy resources from households, which then supply those resources.
• C) Consumer buying patterns provide information that helps companies decide which products to produce.
• D) Consumers are restricted in the companies they can work for.
• E) Input and output markets exist only in communist countries.

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when considering a specific topic or decision.

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A system of support provided by the government or private organizations to ensure the basic living standards of individuals or communities.

Algorithm

A step-by-step procedure or set of rules to be followed in calculations or other problem-solving operations.