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In which market would each of the following be determined?         (a) The wage of a...

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

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Answer #1

Broadly, there are three markets-

  • Goods market: where the price and quantity of any good is determined.
  • Factor market: where the price/wage and quantity of input is determined.
  • Financial market: where the assets are traded.

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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