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JAMB Economics 2006 Question 16

Question 16

Theory of Demand

Derived demand is normally used with reference to

  1. A.superior goods
  2. B.inferior goods
  3. C.the cost of production
  4. D.the factors of production
Show the answer and explanation

Answer: D (the factors of production)

Explanation

Factors of production are demanded not for themselves but for the goods they help produce, so their demand is derived.