When the demand curve for an input is a derived demand this means that
A) the demand curve is derived from the demand for the final product being produced.
B) the demand curve depends upon the MFC.
C) the law of diminishing marginal product does not hold.
D) the demand curve slopes upward.
A
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The study conducted by Eric Bond of Vanderbilt University on the repair histories of a large sample of pickup trucks over three years old ascertained that:
a. the repair costs of trucks held by original users was similar to those held by second hand users. b. the repair cost of trucks held by second hand users was higher compared to those held by original users. c. the repair cost of trucks held by original users was higher compared to those held by second hand users. d. the repair costs of trucks held by original users as well as those held by second hand users increased by the same magnitude every year.
What is oligopoly? How does oligopoly differ from the other kinds of market structure?
What will be an ideal response?