which best describes what occurs in the product market? the exchange of labor for capital the exchange of…
which best describes what occurs in the product market? the exchange of labor for capital the exchange of goods and services for factors of production the exchange of goods and services for money the exchange of money for factors of production
Answer
Brief Explanations:
In a product market, consumers buy goods and services from producers by paying money. The exchange of labor for capital occurs in factor - markets related to labor and capital. The exchange of goods and services for factors of production is incorrect as factors are inputs and goods/services are outputs. The exchange of money for factors of production is in factor markets, not product markets.
Answer:
the exchange of goods and services for money