Based on this model, households earn income whenfirms purchasegoods and services in factor markets.
suppose kyoko earns $675 per week working as a corporate attorney for rowan and martin associates. she uses $10 to order a mojito cocktail at little havana. little havana pays jacques $275 per week to wait tables. jacques uses $150 to purchase legal service from rowan and martin associates.
identify whether each of the following events in this scenario occurs in the factor market or the product market.
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Based on this model, households earn income whenfirms purchasegoods and services in factor markets.<...
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