Which of the Following Examples Best Illustrates the Concept of Derived

question 42

Multiple Choice

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

• A)An increase in the price of beef results in an increase in the demand for fish.
• B)The higher the demand for automobiles,the greater the demand for steel.
• C)The demand for Pepsi varies directly with the price of Coke.
• D)The demand for a good varies inversely with its price.

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Definitions:

Institutional

Pertaining to established laws, practices, or customs, or to the organization or foundation itself.

Mocking

The act of making fun of someone or something in a cruel or harsh manner, often by copying them in a way that aims to entertain or irritate.

Feedback

Information provided regarding aspects of one's performance or behavior; it is used as a basis for improvement or affirmation.

Bureaucracy

A system of government or business that is characterized by many rules, procedures, and levels of authority, often leading to inefficiency and rigidity.