Multiple Choice
Which of the following is the best example of derived demand?
A) Advertising creates a demand for a new product.
B) Increased oil prices reduce the demand for large automobiles.
C) An increase in wages causes firms to substitute capital for labor.
D) A decrease in the demand for grapes reduces the demand for grape pickers.
E) The market demand schedule is derived by summing all individual demand curves.
Correct Answer:
Verified
Correct Answer:
Verified
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