The Demand for Labor (And Other Inputs),not as Ends in Themselves

question 20

Multiple Choice

The demand for labor (and other inputs) ,not as ends in themselves but as means to produce other things,is called ________ demand.

• A) derived
• B) aggregate
• C) complementary
• D) transactions
• E) exogenous

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Definitions:

Open Market

A system where buyers and sellers trade freely with minimal governmental restrictions, typically in reference to securities or commodities markets.

Split-off

A point in the production process where multiple products are generated from a common input.

Avoidable Cost

A cost that can be eliminated if a particular business decision is made.

Variable Production Cost

Costs that vary directly with the volume of production, including direct materials and direct labor, and sometimes variable portions of manufacturing overhead.