Resource Market

What is the focus of the resource market discussed in the video?

• Real estate markets

• Stock exchanges

• Labor within a perfectly competitive market

• Technology markets

A single firm that has market power in the labor market is known as

• a purely competitive firm

• a monopsony

• an oligarchy

• a perfect competition

What is the primary function of a resource market in an economy?

• To allocate resources efficiently

• To produce consumer goods

• To regulate financial markets

• To control government policies

Which of the following is a key characteristic of a perfectly competitive resource market?

• Few sellers

• Price makers

• Many buyers and sellers

• Government intervention

In a resource market, what is the role of households?

• Suppliers of resources

• Demanders of goods

• Regulators of prices

• Producers of goods

What is the main difference between a resource market and a product market?

• Resource market deals with raw materials, product market with finished goods

• Resource market is for consumers, product market is for producers

• Resource market is regulated, product market is not

• Resource market is local, product market is global

Which of the following best describes a monopsony in a resource market?

• Many buyers and one seller

• One buyer and many sellers

• Many buyers and many sellers

• One buyer and one seller

What is the impact of a minimum wage on a labor resource market?

• Increases employment

• Decreases unemployment

• Creates a surplus of labor

• Has no effect

In the context of resource markets, what does 'derived demand' refer to?

• Demand for resources based on consumer demand for goods

• Demand for resources based on government policies

• Demand for resources based on technological advancements

• Demand for resources based on international trade

Which of the following is an example of a resource in a resource market?

• Labor

• Smartphones

• Clothing

• Furniture