Asked by
Daffany Frank
on Oct 12, 2024Verified
The demand for labor is called a derived demand because it is derived from the
A) productivity of labor.
B) amount of labor available at different wages.
C) demand for firms' outputs.
D) supply of the firm's products.
Derived Demand
The demand for a good or service that arises from the demand for another good or service, such as the demand for steel being derived from the demand for cars.
Productivity Of Labor
The measure of the output of goods and services produced by labor input, indicating the efficiency of labor use.
- Understand the derived demand for labor and other resources.
Verified Answer
MK
Learning Objectives
- Understand the derived demand for labor and other resources.