Derived demand refers to
A)a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price.
B)the demand for industrial products and services that is driven by the demand for consumer products and services.
C)the relationship between total revenue and total cost to determine profitability at various levels of output.
D)the point on a demand curve where supply and demand intersect.
E)the percentage change in quantity demanded relative to a percentage change in price

Question

Quizplus · Accepted Answer

Derived demand refers to the demand for industrial products and services that is driven by the demand for consumer products and services. This means that the demand for one product or service is derived from the demand for another product or service that uses it. For example, the demand for steel is derived from the demand for cars, buildings, and other consumer and industrial goods that require steel as a raw material.

Derived Demand Refers to