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WAEC Economics 2023 Question 6

Question 6

Theory of Demand

The demand for a factor input as a result of the demand for its output is known as

  1. A.complementary demand.
  2. B.competitive demand.
  3. C.derived demand.
  4. D.market demand.
Show the answer and explanation

Answer: C (derived demand.)

Explanation

Factors are demanded for the goods they help produce.