The concept of derived demand indicated that the demand for a final good or service will be determined by the price of the inputs used to produce that final good or service
a. True
b. False
Indicate whether the statement is true or false
False
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Stagflation refers to
a. inflation that rises and falls from year to year. b. increasing output above full-employment levels and thus fueling inflation. c. sluggish production combined with inflation. d. staggered decreases in the money supply designed to lower inflation.
The slope of the scatter diagram representing the relationship between consumption and disposable income in the United States is approximately
A. 1.10. B. 0.30. C. 0.50. D. 0.90.
Economic costs of production differ from accounting costs in that
A) economic costs include expenditures for hired resources while accounting costs do not. B) economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. C) accounting costs include expenditures for hired resources while economic costs do not. D) accounting costs are always larger than economic cost.
Value arises from a tradeoff between