The Demand for Labour Is Described as a Derived Demand

question 240

Multiple Choice

The demand for labour 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 labour in the production process.
• D)it is derived from government institutions which rely on labour markets for the purpose of raising tax revenue.

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Definitions:

Sherman Act

A landmark federal statute in the U.S. that prohibits monopolistic practices and promotes competition among businesses.

McCarran-Ferguson Act

A U.S. federal law enacted in 1945 that exempts the business of insurance from most federal regulation, leaving regulation primarily to the states.

Robinson-Patman Act

A 1936 U.S. law aimed at preventing anticompetitive practices by producers, specifically addressing price discrimination.

Nolo Plea

A legal plea where the defendant neither admits nor disputes a charge, allowing for a conviction without an admission of guilt.