Derived demand refers to
a. demand curves derived from utility functions
b. an individual demand curve estimated from a market demand curve
c. a market demand curve estimated from individual demand curves
d. demand for a resource derived from the demand for the product produced by that resource
e. demand for a product derived from the demand for the resource used to make that product
D
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The purchase of 500 shares of Honda stock by the California State Employees' Pension fund
A) is counted as consumption expenditure. B) is not counted as part of GDP. C) is counted as investment in the GDP accounts. D) is counted as part of export expenditure in the GDP accounts because Honda is a foreign firm. E) is counted as part of import expenditure in the GDP accounts because Honda is a foreign firm.
According to the figure shown, if Nike charges a high price, then Adidas should:
A. charge a high price.
B. charge a low price.
C. leave the market.
D. give an ultimatum.
If an economy consumes 75 percent of any increase in real GDP and spends 10 percent of this increased income on imports, then a decline in government spending by $60 million will result in a total reduction in equilibrium income of:
a. $171.43 million. b. $123.47 million. c. $151.63 million. d. $73.47 million. e. $71.43 million.
When oligopolists join together in a cartel, they
a. have chosen to ignore interdependence. b. have admitted that their behavior is interdependent. c. are planning to violate the law of supply and demand. d. are trying to behave like perfect competitors.