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Question
The markets for factors of production differ from markets for products in an important aspect because
a. markets for factors are rarely in equilibrium, whereas markets for products are usually in equilibrium.
b. demand for factors of production is a derived demand.
c. the shape of the products demand curve will be more elastic than the shape of the factors demand curve.
d. supply of a factor is dependent on the supply of a product.
e. the shape of the products supply curve will be more elastic than the shape of the factors supply curve.
Answer
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