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The most common reason that oligopolies exist is:
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1. Introduction to Microeconomics
Introduction to Economics
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Which of the following is an example of an intermediate good?
A
A house purchased by a family
B
A new car purchased by a consumer
C
Steel used in the production of automobiles
D
A loaf of bread bought at a grocery store
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Understand the definition of an intermediate good: it is a product used as an input in the production of a final good or service, rather than being consumed directly by the end user.
Identify the options given and classify each as either a final good or an intermediate good based on their use.
A house purchased by a family is a final good because it is consumed directly by the end user.
A new car purchased by a consumer is also a final good, as it is bought for personal use and not for further production.
Steel used in the production of automobiles is an intermediate good because it is an input used to produce the final product (automobiles).
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