Which One of the Following Best Illustrates the Concept of Derived

question 46

Multiple Choice

Which one of the following best illustrates the concept of derived demand?

• A)A minimum wage worker tends to buy more off-brand products than do more highly paid professionals.
• B)A windshield company has to step up production because auto sales are increasing.
• C)A grocery store is selling more fresh fruits and vegetables because people are improving their diets.
• D)Restaurant sales are rising because unemployment is falling.
• E)Retail stores have higher sales around the holiday season than in other seasons of the year.

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Definitions:

Probability

The probability of an event happening, quantified by a number ranging from 0 to 1.

Uniformly Distributed

Describes a type of distribution where all outcomes are equally likely over a specific interval.

Assembling Product

The process of putting together various components or parts to create a finished product ready for use or sale.

Uniformly Distributed

Uniformly distributed indicates that all outcomes in a data set or probability distribution have the same or nearly equal chance of occurring.