The Industry Demand for an Input Is Called Derived Demand

question 36

Multiple Choice

The industry demand for an input is called derived demand because:

• A)the demand for the input is derived from the demand for the final product.
• B)the industry's input demand curve is the same as the firm's input demand curve.
• C)the demand for the input is derived from the supply of other inputs.
• D)the industry's input demand curve coincides with the marginal product curve of the input.

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Definitions:

Research and Development

Activities undertaken by companies or governments in innovation and improvement of services or products.

Cost of Goods Available

The total value of inventory available for sale, consisting of beginning inventory plus purchases or production costs.

Total Manufacturing Costs

The aggregate cost of direct materials, direct labor, and manufacturing overhead incurred in producing goods.

Relevant Information

Information that is applicable to the decision-making process, having the capacity to affect or change a decision based on its pertinence and timeliness.