Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 2 (1 point) Consider the markets for factors of production, such as labor, capital, land, and entrepreneurship. Select the statementls} that is/are correct. Select
Question 2 (1 point) Consider the markets for factors of production, such as labor, capital, land, and entrepreneurship. Select the statementls} that is/are correct. Select 2 correct answertsl C] (a) the services of all factors of production are traded in factor markets, which determine their factor prices C] (b) a labor market is a collection of individuals and firms who trade labor services, which are the physical and mental work efforts that individuals and businesses supply to produce goods and services C] (c) a market for capital services is a rental market, in which human capital including the entrepreneurial knowledge and talent is hired [3 (d) a market for land is the market for services of land, which constitute the use of land; the commodity prices of natural resources that are the gifts of nature that the land consists of are determined in global commodity markets
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started