The Demand for Factors of Production Is Called a Derived

question 63

Multiple Choice

The demand for factors of production is called a derived demand because it is:

• A)derived from the demand for the outputs that are produced by the factors of production.
• B)derived from the available supply of factors,such as land,that can be overexploited.
• C)not easy to determine and must be derived by a technical (and often complicated)process.
• D)derived on the basis of questions posed to residents during the census.

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Definitions:

Information Search

The process of seeking out data and insights relevant to a specific question or decision, often a step in consumer behavior before making a purchase.

Evaluative Criteria

Standards or benchmarks customers use to judge the features or benefits of different products or services before making a decision.

Health Club

A facility that provides physical exercise equipment and programs, often including amenities such as pools, saunas, and fitness classes.

Cognitive Dissonance

The mental discomfort experienced by a person who holds two or more contradictory beliefs, values, or ideas simultaneously.