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.
Correct Answer:
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Q10: Firms use information on labour's marginal revenue
Q11: Table 12.1 Q12: How does demand in factor markets differ Q13: A reason why a perfectly competitive firm's Q14: Table 12.1 Q16: Figure 12.1 Q17: What is marginal revenue product of labour Q18: The difference between a firm's marginal revenue Q19: What is a firm's demand for labour Q20: Table 12.1 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
