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Which of the following would be determined in the product market?

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Which of the following would be determined in the product market?

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. Which of the following would be determined in the product market?
a. a manager’s salary
b. the price of equipment used in a bottling plant
c. the price of 80 acres of farmland
d. the price of a new pair of athletic shoes

Answer and explanationsSolution by a verified expert

Here is the full solution including the answer and explanation.

Explanation
d is correct
The price of the good S is a part of the production market, as the household will buy the good S at that price level. The business buys resources from households and sells the products to the household.

a is incorrect
The product market circulates the products from business to households. The salary of the manager is the income given for the labor of the manager. This is the wage of the household given by the business and a part of the resource market.

b is incorrect
The price of the equipment used in a plant is the rent of the equipment. This is a part of the resource market. The business buys the resources from households.

c is incorrect
The price of land is the rent of the land. The land, labor, capital, and entrepreneurship are sold by the household in the resource market and businesses will buy the resources.

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