In the market for resources, Demand and supply:

Question

Quizplus · Accepted Answer

Demand and supply in markets for resources behave in exactly the same way as demand and supply in product markets. The only difference is that in resource markets, households supply resources (such as labor) to firms, while in product markets, firms supply goods and services to households. Both resource and product markets have equilibrium points at the intersection of their respective demand and supply curves.

In the Market for Resources, Demand and Supply