The Term "Open Market" Refers to The

question 6

Multiple Choice

The term "open market" refers to the:

• A)large number of jobs available to recent college graduates
• B)ability of the average company to differentiate itself from its competitors
• C)openness of the U.S.to foreign competition
• D)ease with which a recent college graduate can get a job
• E)ability of companies to merge with and acquire their competition

---

Definitions:

Marginal Product

The increase in output that arises from an additional unit of input.

Nonlabor Resources

Resources used in the production process that do not involve human labor, such as capital, land, and raw materials.

Worker

An individual who performs tasks or services for compensation, contributing labor to an economy.