WAEC Economics 2023 Objective — Question 6

Question 6 of 50 from the West African Examinations Council (WAEC) Economics 2023 Objective paper, with the correct answer and a full explanation.

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

A. complementary demand
B. competitive demand
C. derived demandCorrect
D. market demand

Explanation

Derived demand is the demand for a factor of production because of the demand for the output it helps produce, e.g. demand for labour when building a house.

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