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Author Question: How does the market for inputs like labor differ from the market for goods and services? What ... (Read 68 times)

jCorn1234

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on: Jun 29, 2018
How does the market for inputs like labor differ from the market for goods and services?
 
  What will be an ideal response?

Question 2

What is pure rent?
 
  What will be an ideal response?


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tuwy

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A factor of production is used in the production of other goods. The market for factors of production like labor is different from the market for goods and services in that the demand for factors is derived from the demand for final goods and services.

Answer to Question 2

Pure rent is the return to any factor of production that is fixed in supply.


jCorn1234

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Zebsrer

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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