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When economists say that the demand for labor is derived demand, they mean that it is: A) dependent on government expenditures for public goods and services. B) related to the demand for the product or service labor is producing. C) based on the desire of businesses to exploit labor by paying below equilibrium wages rates. D) based on the assumption that workers are trying to maximize their money incomes.

Sagot :

The term "derived demand" is used by economists to describe the relationship between the demand for the good or service that labor is creating and the demand for labor. As long as: the MRP exceeds the wage rate, a competitive firm should hire more workers.

How responsive consumer demand is to changes in other factors is measured by demand elasticity. In practice, a number of factors, such as price, product type, the presence of alternatives, and consumer income levels, have a big impact on how elastic demand is for a given object or service. How sensitive a change in the amount needed of a good or service is to a change in price can be determined using the price elasticity of demand. Demand for goods and services is influenced by an item's price. The price elasticity of demand is calculated by dividing the percentage change in the quantity needed for a good or service by the percentage change in its price.

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