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Economics
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The term “derived demand” refers to the idea that

A. factor markets are less important than product markets.

B. a change in the demand for one good (cameras) will affect the demand for related goods (film).

C. a change in the demand for goods will affect the demand for the factors used to produce that good.

D. a change in the supply of a factor will affect the demand for a product produced with that factor.

E. a change in the supply of goods will affect the demand for the good.

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Divya Singh
Divya SinghLv10
8 Jan 2021
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Related questions

Many factors determine the supply and demand for labour. Identify and explain two factors that would increase or decrease the demand for labour. Identify and explain two factors that would increase or decrease the supply of labour. Your answer should include a discussion on marginal revenue product. I believe it would be difficult to answer this question correctly without referring to that topic. One way to approach this question would be:

1. Define marginal revenue product, and then discuss how this can change. Then relate this to the change in demand for labour.

2. Explain the determinant of labour supply. Explain what might change one of these determinants.

When answering this question would be a good time to review the difference between a change in quantity demanded and a change in demand and the difference between a change in quantity supplied and a change in supply. Remember, wage rates[theprice to rent labour] will not affect either the supply or the demand for labour!

If labor productivity increases,

Question 8 options:

 

the demand for labor increases.
 

labor costs rise by equal increments.
 

jobs will relocate.
 

some workers will be laid off.

In labor markets, the substitution effect occurs when

Question 10 options:

 

a change in the price of a substitute input reduces the cost of capital.
 

a change in the price of a substitute input causes the demand for labor to change in the same direction.
 

a substitute good also functions as a compliment.
 

the cost of production falls enough that the firm will produce a larger amount of output.

The demand for labor is

Question 6 options:

 

derived from the satisfaction that hiring the inputs provides the owner or manager of the firm more money.
 

totally unrelated to the demand curve for the final product.
 

derived from the demand for the final product being produced.
 

derived from a utility-maximizing process similar to that used to derive the demand curve for goods and services.

The X-Corporation produces a good (called X) that is a normal good. Its competitor, Y-Corp., makes a substitute good that it markets under the name “Y. ” Good Y is an inferior good.


a. How will the demand for good X change if consumer incomes increase? 


b. How will the demand for good Y change if consumer incomes decrease?

c. How will the demand for good X change if the price of good Y decreases?

d. Is good Y a lower-quality product than good X? Explain. 


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