A Demand for a Factor of Production Is Said to Be

question 104

Multiple Choice

A demand for a factor of production is said to be "derived" because the factor's demand depends

• A)on the demand for the good or services it helps to make.
• B)entirely on corporate advertising.
• C)heavily on public choice.
• D)heavily on government policy.
• E)entirely on the cost of the factor.

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Definitions:

Convergent Thinking

A cognitive process where the focus is on arriving at a single, correct solution to a problem.

Functional Analysis

A study aimed at understanding the purpose or role of an entity or behavior within a system, often used in psychology to understand the causes of behavior.

Functional Fixedness

Functional fixedness is a cognitive bias that limits a person to using an object only in the way it is traditionally used, which can hinder the solving of new problems.

Positive Transfer

The beneficial effect of past learning on the acquisition of new knowledge or skills.