The derived demand for an input decreases when
A. the price of the input increases.
B. the price of the output increases.
C. the price of the input decreases.
D. the price of the output decreases.
Answer: B
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A major difference between the costs of unemployment and the costs of inflation is that
A) the former is structural the latter frictional. B) the government pays the latter, the population pays the former. C) unemployment costs are concentrated among a few people, while inflation costs are distributed more broadly across the entire population. D) unemployment costs are distributed among people, while inflation costs are distributed more narrowly across the entire population.
A vertical demand curve is
A) completely inelastic. B) infinitely elastic. C) highly (but not infinitely) elastic. D) highly (but not completely) inelastic.