Question

In the ______________, businesses purchase resources, including labor, from households and pay firms for them. Group...

In the ______________, businesses purchase resources, including labor, from households and pay firms for them.

Group of answer choices

A. labor market

B. financial capital market

C. savings market

D. goods and services market

Which term refers to situation where the average cost of production declines as the level of production increases.

Group of answer choices

A. Skill

B. Specialization

C. Economies of scale

D. Division of labor

Business   Economics   
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Homework Answers

Answer #1

1)

(A) Labour Market.

"In the labour market, companies buy resources and labour from households and businesses pay for these by providing income to the households."

Thus, option (A) is correct and options (b), (c) and (d) are incorrect.

2)

(c) Economies of scale.

"Economies of scale happen when increasing output (production of goods) leads to lower average cost of production.This happens because the costs are spread over more products. "

Thus, option (c) is correct, and options (a), (b) and (d) are incorrect.

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