The Demand for Labor Is Described as a Derived Demand

question 25

Multiple Choice

The demand for labor is described as a derived demand because

• A)it is derived by workers seeking to earn income to fund the consumption of goods and services.
• B)it is derived by producers seeking to make profits by starting new businesses.
• C)it is derived from the demand for products that use labor in the production process.
• D)it is derived from government institutions which rely on labor markets for the purpose of raising tax revenue.

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Definitions:

Sum of Squared Scores

A calculation in statistics that measures the dispersion of a set of values by squaring each distance from the mean and summing them up, often used in variance and standard deviation calculations.

Data

Collected factual material, usually numeric, that serves as a basis for reasoning, discussion, or calculation.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of values.

Distributions

Distributions describe how the values of a variable are spread or distributed across possible values.