Asked by
Joseph McCray
on Oct 12, 2024
Verified
A sharp rise in the price of oil from the fall of 2007 to the summer of 2008 led to a decline in the demand for large cars.This decline in demand for an output,
A) led to a decline in the derived demand for autoworkers.
B) led to an increase in the derived demand for autoworkers.
C) had no impact on the derived demand for autoworkers.
Derived Demand
Refers to the demand for a good or service that arises from the demand for another related good or service.
- Determine the link between resource demand and final product demand.
- Identify the consequences that variations in pricing have on the demand for resources and the rates of employment.
Verified Answer
IZ
Learning Objectives
- Determine the link between resource demand and final product demand.
- Identify the consequences that variations in pricing have on the demand for resources and the rates of employment.