Derived Demand Means That the Demand for a Factor of Production

question 139

Multiple Choice

Derived demand means that the demand for a factor of production is derived from the

• A) supply of that factor of production.
• B) price of that factor of production.
• C) demand for the goods and services the factor of production is used to produce.
• D) costs of production.
• E) government, which forces large firms to hire at least some minimum number of different resources.

Recognize the importance of documenting and updating job descriptions for effective employee evaluation.

Assess and address customers' needs when refusing claims or requests.

Develop skills to handle and respond to negative feedback and criticism constructively.

Comprehend the impact of negative situations on leadership and organizational reputation.

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Definitions:

Pavlovian Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Reward

A stimulus that increases the likelihood of a behavior being repeated.

Crespi

Refers to psychologist Leonard Crespi, known for his work in experimental psychology, especially in motivational research involving rewards.