Asked by
Servando Garcia
on Nov 05, 2024Verified
The idea that the demand for auto workers stems from the demand for automobiles is
A) the value of the marginal product of auto workers.
B) derived demand.
C) indirect demand.
D) output demand.
Derived Demand
The demand for one good or service that occurs as a result of the demand for another good or service, often because the goods are related as inputs to the production of another good or service.
Auto Workers
Individuals employed in the automobile industry, typically involved in the manufacturing, assembly, or design of vehicles.
Demand for Automobiles
The consumer desire to purchase cars, influenced by factors like income, price, and personal preferences.
- Discern the differences between economic terms associated with labor demand, such as derived demand, marginal product, and marginal revenue product.
Verified Answer
SZ
Learning Objectives
- Discern the differences between economic terms associated with labor demand, such as derived demand, marginal product, and marginal revenue product.