After subtracting all deductions and exemptions from total income, you are left with

The private cost of a good or service is the cost borne by those who do not produce the good or service

Indicate whether the statement is true or false

Which of the following most clearly illustrates the concept of derived demand?

a. An increase in the price of steak causes the demand for poultry to increase. b. An increase in the demand for new houses leads to an increase in the demand for construction workers. c. An increase in consumer income leads to an increase in the demand for services provided by the government. d. An increase in the demand for new cars causes the demand for used automobiles to rise.