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Question

Choose the most appropriate option(s).

A
A product market is a place where the labour, capital, and land are bought and sold.
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B
A factor market is a place where the labour, capital, and land are bought and sold.
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C
A product market is a place where goods and services are bought and sold.
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D
A factor market is a place where goods and services are bought and sold.
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Solution

The correct option is C A product market is a place where goods and services are bought and sold.
Markets are broadly divided into two types: the product market and the factor market. A product market is a place where goods and services are bought and sold, whereas, a factor market is a place where the labour, capital, and land are bought and sold.

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