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The correct option that define the results of
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Answer to Problem 2MCQ
Option a is correct.
Explanation of Solution
Explanation for correct option:
a.
Demand for automobiles workers is a derived demand because demand for workers will arise if demand for automobile workers increase and vice-versa. Therefore, option a is correct.
Explanation for incorrect options:
b.
Irrational demand refers to the demand where there is no connection between the prices and the demand of the products. Therefore, option b is incorrect.
c.
d.
e.
Factor of production: Factor of production refers to the components or the resources that are required for producing intangible or tangible products.
Demand: Demand refers to the quantity of products that is sufficient to be produced to meet requirements of all customers.
Chapter 13R Solutions
Krugman's Economics For The Ap® Course
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