In which market would each of the following be determined?
(a) The wage of a lawyer.
(b) The quantity of electric cars produced.
(c) The price of a new television.
(d) The quantity of farm land used to produce corn
Broadly, there are three markets-
a. Wages of employees/lawyers/workers are all determined in the factor market.
b. The quantity of electric car that are being produced are determined in the goods market.
c. The price of a new television is produced is again determined in the goods market.
d. The quantity of farm land used to produce corn or any other good will also be determined in the factor market because land is an input in the production process in this case.
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