The Demand for a Factor of Production Is a Derived

question 99

Multiple Choice

The demand for a factor of production is a derived demand.Derived demand means that:

• A)a firm's demand for a factor of production is derived from its supply decision
• B)the firm's demand can be mathematically derived
• C)both the demand for and supply of factors of production is derived from an external market
• D)the demand curve for a good is derived from the factors of production used to produce that good

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Definitions:

Aggregate Function

A function in database management that performs a calculation on a set of values and returns a single value, such as sum, average, count, min, and max.

Statistic

A numerical measurement describing some characteristic of a sample or population, often used in the analysis of data.

Subtotal

A calculation that provides a summary of numerical data before the final total is computed, often used in spreadsheets and reports.

Medium Date

A date format displaying the day, abbreviated month, and year, e.g., "01 Jan 2023".