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JAMB Economics 1983 Question 48

Question 48

Theory of Production

Demand for a factor of production is

  1. A.a composite demand
  2. B.a joint demand
  3. C.a derived demand
  4. D.an elasticity of demand
  5. E.cross-elasticity of demand.
Show the answer and explanation

Answer: C (a derived demand)

Explanation

Factors are wanted for the goods they help produce, so their demand is derived from the demand for those goods.