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28 May, 07:48

If Anderson works 37 hours each week as a clerk at the county courthouse, he is supplying labor in an

1. mixed output input market. Anderson is considered

2. household firm. If Mei Lin purchases a 3-week Mediterranean cruise vacation for her parents, the cruise ship company is supplying a service in the

3. input output mixed market. The cruise ship company is considered

4. household firm. If Caterpillar doubles employment at its Huntsville, Alabama factory, Caterpillar is demanding labor in the

5. input output mixed market. Caterpillar is considered a

6. household firm. If the Greyson family sells their 250-acre ranch to Marriott, so Marriot can build a new resort and golf course, the Greyson family is supplying land in an

7. input output mixed market. The Greyson family is considered

8. a firm household.

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  1. 28 May, 07:51
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    Answers:

    1. If Anderson works 37 hours each week as a clerk at the county courthouse, he is supplying labor in an input market. Anderson is considered as household.

    2. If Mei Lin purchases a 3-week Mediterranean cruise vacation for her parents, the cruise ship company is supplying a service in the output market.

    3. The cruise ship company is considered as firm.

    4. If Caterpillar doubles employment at its Huntsville, Alabama factory, Caterpillar is demanding labor in the input market.

    5. Caterpillar is considered a firm.

    6. If the Greyson family sells their 250-acre ranch to Marriott, so Marriot can build a new resort and golf course, the Greyson family is supplying land in an input market.

    7. The Greyson family is considered household.

    Explanation:

    Households provide the demand for the goods and services in the market. Households also provide inputs to the firms in the form of labor. The households earn wages through supply of labor to the labor market. Firm is any business organisation that sells goods or services to make profits. Firms take labor as input from the households. Firms supply goods and services for the households.

    Input means taking things into firm while output means giving out a product or service to households.
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