The demand for a factor of production (productive resource) is derived from the demand for the goodthe factor producesTrueFalse

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Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 17P

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Similar questions

Give the three reasons that explain why the division of labor increases an economys level of production.
Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?
If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
What is productive efficiency? Allocative efficiency?
What are three reasons to study economics?
Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?
Whether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.
What shapes would you generally expect a total product curve and a marginal product curve to have?
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F. (Some choices can be on both sides of the goods market.) Households in the labor market Firms in the goods market Firms in the financial market Households in the goods market Firms in the labor market Households in the financial market
Other than the demand for labor, what would be another example of a 'derived demand?

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The demand for a factor of production (productive resource) is derived from the demand for the good the factor produces True False