The factors of production are best defined as the（）
A. output produced from raw materials
B. inputs used to produce goods and services
C. wages paid to the workforce
D. goods and services sold in the market
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Because a firm’s demand for a factor of production is derived from its decision to supply a good in the market, it is called a（）
A. differentiated demand
B. secondary demand
C. derived demand
D. hybrid demand-supply
A firm that has little ability to influence market prices operates in a（）
A. competitive market
B. strategic market
C. thin market
D. power market
Who is a price taker in a competitive market（）
A. buyers only
B. sellers only
C. both buyers and sellers
D. neither buyers nor sellers
Which of the following is not a characteristic of a perfectly competitive market（）
A. Firms are price takers
B. Firms have difficulty entering the market
C. There are many sellers in the market
D. Goods offered for sale are largely the same
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