Derived demand refers to
a. demand curves derived from utility functions
b. an individual demand curve estimated from a market demand curve
c. a market demand curve estimated from individual demand curves
d. demand for a resource derived from the demand for the product produced by that resource
e. demand for a product derived from the demand for the resource used to make that product
D
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Imposing a minimum wage that is above the equilibrium wage rate results in
A) higher job search costs. B) lower unemployment. C) the labor market becoming more efficient. D) equilibrium in the labor market.
Starbucks sells coffee in both New York City and in rural upstate New York. The price of coffee is higher in New York City
This fact means that the value of marginal product of land is ________ in New York City and so Starbucks is willing to pay a ________ rent in New York City. A) lower; lower B) higher; lower C) lower; higher D) higher; higher