_________ are products bought by individuals and organizations for further processing or for use in conducting a business?
Correct answer: C. Industrial products
- A. Consumer products
- B. Services
- C. Industrial products
- D. Specialty products
Explanation
Industrial products are bought by businesses or organizations for further processing, resale or use in operations. Consumer products, by contrast, are purchased for personal or household consumption.
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About Microeconomics
Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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