Practicing Success
Practicing Success
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| Which of the following statement/statements are true? Statement 1: The basic difference between a labour market and a market for goods is regarding source of supply and demand. Statement 2: In the labour market, firms are the suppliers of labour and the demand for labour comes from households whereas in the market for goods, it is the opposite. |
Both the statements are true. Both the statements are false. Statement 1 is true and Statement 2 is false Statement 2 is true and Statement 1 is false
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| Statement 1 is true and Statement 2 is false |
| The basic difference between a labour market and a market for goods is with respect to the source of supply and demand. In the labour market, households are the suppliers of labour and the demand for labour comes from firms whereas in the market for goods, it is the opposite. |
