The demand for a factor input as a result of the demand f...
The demand for a factor input as a result of the demand for its output is known as
Market demand
Complementary demand
Competitive demand
Derived demand
Correct answer is D
The demand for a factor input as a result of the demand for its output is known as derived demand. This is because the demand for the factor input is derived from the demand for the final product that the factor input is used to produce.
For example, the demand for labor is derived from the demand for goods and services that are produced by labor. If the demand for goods and services increases, then the demand for labor will also increase.
A budget with a projected revenue in excess of its expenditure is said to be ...
The type of production that involve the tapping and harnessing of natural resources is ...
A persistent and appreciable rise in the general level of price is known as ...
A major disadvantage of a socialist economy is that ...
The problem of scarcity is reduced by ...
The optimal range of output for a perfectly competitive firm is ...
One of the advantages of capitalism is that ...
The indicator of the value of money in the market is the ...
The demand for a product is said to be price inelastic, if ...