Markets in Which Firms Sell Their Output of Goods and Services

question 20

Multiple Choice

Markets in which firms sell their output of goods and services are called:

• A) resource markets.
• B) product markets.
• C) command markets.
• D) mixed markets.

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Definitions:

Sales Representative

A person employed to sell products or services for a company, often directly to customers.

Percent Discount

A reduction in price, usually calculated as a certain percentage of the original price.

Full Amount

The complete or total sum of money required or specified, without deductions.

Ratify Contracts

The formal approval or confirmation of a contract, making it officially valid.