A Firm's Demand for Labor Depends On, in Part, the Demand

question 31

Multiple Choice

A firm's demand for labor depends on, in part, the demand for the firm's product. To summarize this idea, economists say that the demand for labor is:

• A) derived demand.
• B) marginal demand.
• C) secondary demand.
• D) monopsonistic demand.

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Definitions:

Components

Components are parts or elements that make up a whole system, machine, or structure.

Connective

A word or phrase in logic that connects propositions, such as "and," "or," "if...then," indicating the relationship between them.

Consistent

In a logical sense, a set of statements is consistent if they can all be true at the same time; more generally, acting or done in the same way over time.

Truth Tables

A table used in logic to determine the truth value of a compound statement based on the truth values of its components.