Pizza Hut and Domino's are examples of:

• A. public goods
• B. factors of production
• C. firms in the fast food industry
• D. government agencies

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the definitions of each option given in the problem. Public goods are goods that are non-excludable and non-rivalrous, meaning everyone can use them without reducing availability to others.
2. Step 2: Recognize that factors of production refer to inputs used in the production process, such as labor, capital, land, and entrepreneurship.
3. Step 3: Identify that government agencies are organizations that operate under government control to provide public services or enforce laws.
4. Step 4: Consider that Pizza Hut and Domino's are businesses that produce and sell food products in a competitive market, which classifies them as firms.
5. Step 5: Conclude that since Pizza Hut and Domino's operate in the fast food market, they are best described as firms in the fast food industry.