Question : Which among these is the correct reason for a good to be identified as a final good?
Option 1: It is not processed by a consumer after purchase.
Option 2: It cannot be recycled or reused.
Option 3: It is in the last stage of the product life cycle.
Option 4: It is not processed further by a producer.
Correct Answer: It is not processed further by a producer.
Solution : The correct answer is It is not processed further by a producer .
For a good to be identified as a final good, it is not processed further by a producer. Final goods are consumed by the end-user or purchaser and are not used as inputs in the production of another good. They are ready for consumption and represent the end product in production and distribution.
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