JAMB Economics 2022 Objective — Question 27

Question 27 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2022 Objective paper, with the correct answer and a full explanation.

27. Demand for a factor of production is

A. (A) a composite demand
B. (B) a joint demand
C. (C) a derived demandCorrect
D. (D) an elasticity of demand

Explanation

The demand for a factor of production is derived demand, because it is demanded not for itself but because of the demand for the other goods it helps produce.

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