Market Participation: Jake the Dairy Farmer

What market does Jake participate in as a dairy farmer selling milk to an ice cream manufacturer?

A. Jake is participating in the resource market because he is a business selling a resource to a household in exchange for money.
B. Jake is participating in the product market because he is a business selling products to a household in exchange for money.
C. Jake is participating in the product market because he is a household selling products to a business in exchange for money.
D. Jake is participating in the resource market because he is a household selling resources to a business in exchange for money.

Final Answer:

Jake is participating in the product market because he is selling milk to an ice cream manufacturer.

Explanation:

Jake is participating in the product market because he is a business selling products (milk) to a household (ice cream manufacturer) in exchange for money. The product market is the marketplace where finished goods and services are bought and sold.