The Demand for a Factor of Production Is Called a Derived

question 24

Multiple Choice

The demand for a factor of production is called a derived demand because it is derived from

• A) a financial market.
• B) the demand for the goods and services produced by the factor of production.
• C) the supply of the factor of production.
• D) the ideas of an entrepreneur.
• E) a table of specific prices and quantities.

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Definitions:

Hermann Ebbinghaus

A German psychologist known for his pioneering work in the study of memory, including the discovery of the forgetting curve and the spacing effect.

Forgetting

The loss of information from long-term memory, reflecting a failure in either storing, retaining, or recalling the information.

Tip-of-the-Tongue Phenomenon

A common cognitive condition where an individual temporarily cannot recall a word or name but has a strong sense of its existence and feels that retrieval is imminent.

Eidetic Imagery

The ability to recall images, sounds, or objects in memory with high precision and detail, often referred to as photographic memory.