Derived demand:
A. is the sum total of all factors of production for a given good or service.
B. is only computed for the long-run demand decisions based on short-run marginal changes.
C. refers to the demand for variable inputs when at least one fixed input exists.
D. refers to the supply decisions of a final good influencing the demand for the inputs needed to make it.
Answer: D
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In the above figure, if 2 million computers are produced per year then the ________ should be produced to achieve the allocatively efficient use of resources
A) marginal cost of a computer exceeds the marginal benefit of a computer, so more computers B) marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers C) marginal benefit of a computer exceeds the marginal cost of a computer, so more computers D) marginal benefit of a computer exceeds the marginal cost of a computer, so fewer computers
In the case of perfectly elastic demand, the demand curve is:
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.