Demand for inputs is a derived demand because
A. it is derived from the need for income.
B. it corresponds to the derived supply of the inputs.
C. producers want the input to produce the finished good.
D. it is downward sloping.
Answer: C
Economics
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The circular flow shows that
A) aggregate production equals aggregate expenditure. B) aggregate expenditure is less than aggregate income. C) GDP equals aggregate income. D) Both answers A and C are correct.
Economics
The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
A. price elasticity of supply. B. cross-price elasticity of demand. C. price elasticity of demand. D. income elasticity of demand.
Economics