A firm's demand for a resource is a(n)
a. final demand
b. derived demand
c. secondary demand
d. induced demand
e. marginal demand
B
You might also like to view...
A monopolistic competitor is like a monopolist in that: a. it sells in the inelastic portion of its demand curve. b. it earns zero economic profit in the long run
c. the marginal revenue curve lies above the AR curve. d. it faces a downward-sloping demand curve.
Common resources have which of the following characteristics?
a. Nonexcludable and rivalrous b. Nonexcludable and nonrivalrous c. Excludable and rivalrous d. Excludable and nonrivalrous
Compared to a perfectly competitive industry, a monopoly produces a smaller output and charges a higher price
a. True b. False Indicate whether the statement is true or false
An international externality
a. refers to a spillover effect that results exclusively from international trade barriers b. arises from transboundary pollution c. can be modeled as the MEC of production when it affects more than one nation d. all of the above e. (b) and (c) only