[amp_mcq option1=”Derived demand” option2=”Joint demand” option3=”Composite demand” option4=”None of the above” correct=”option1″]<\/p>\n
The correct answer is A. Derived demand.<\/p>\n
Derived demand is a demand for a good or service that arises from the demand for another good or service. In other words, the demand for a factor of production is derived from the demand for the final good or service that it is used to produce.<\/p>\n
For example, the demand for labor is derived from the demand for goods and services that labor is used to produce. If the demand for goods and services increases, then the demand for labor will also increase. Conversely, if the demand for goods and services decreases, then the demand for labor will also decrease.<\/p>\n
Joint demand is a demand for two or more goods or services that are used together to produce a final good or service. For example, the demand for wheat and corn is joint demand, because they are both used to produce bread.<\/p>\n
Composite demand is a demand for a group of goods or services that are considered to be substitutes for each other. For example, the demand for different brands of gasoline is composite demand, because consumers can choose to purchase any brand of gasoline.<\/p>\n
I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":"
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