Incomes are determined in input markets.

Name: Incomes are determined in input markets.
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Question

Quizplus · Accepted Answer

Incomes are determined in input markets through the demand and supply of labor and other productive resources such as capital and land. The prices of these inputs determine the cost of producing goods and services, which in turn determines the prices that firms are willing to pay for these inputs and the wages or salaries that individuals receive for providing their labor.

Incomes Are Determined in Input Markets