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Why Is Labor Demand a Derived Demand? Explain

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Why is labor demand a derived demand? Explain.What is a linkage between markets?


Definitions:

Restatement of Contracts

A set of model legal rules relating to contracts intended to clarify the principles of contract law and serve as a reference for judges and lawyers.

Preexisting Moral Obligation

A moral duty or responsibility that already exists before any new agreement or contract is made.

Consideration

The value (such as money, a service, or a promise) that is exchanged between parties in a contract.

Doctrine of Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise that the promisee has relied upon, resulting in a significant change of position.

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