Firms

question 16

Multiple Choice

Firms

• A)have no influence on the circular flow in a market economy.
• B)purchase resources in the product market.
• C)sell goods in the product market.
• D)sell resources in the factor market.

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Definitions:

Actual Price

The final price at which a product or service is sold, after including discounts, promotions, and additional charges or fees.

Energy

The capacity to do work, existing in various forms such as kinetic, potential, thermal, electrical, chemical, and nuclear energy.

Excitement

A strong feeling of enthusiasm and eagerness, often related to an event or activity that is looked forward to with great anticipation.

Marketing Mix

A foundational marketing model comprising four elements—product, price, place, and promotion—used by businesses to achieve their marketing objectives.