Identify whether each of the following transactions will take place in an input market or in an output market, and whether firms or households are demanding the good or service or supplying the good or service. a. Anderson works 37 hours each week as a clerk at the county courthouse. b. Mei Lin purchases a 3-week Mediterranean cruise vacation for her parents. c. Caterpillar doubles employment at its Huntsville, Alabama factory. d. The Greyson family sells their 250-acre ranch to Marriott so it can build a new resort and golf course.
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Step 1: Anderson working 37 hours each week as a clerk at the county courthouse is a transaction in an input market where households are supplying their labor to the firm. Show more…
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