When economists say that the demand for a resource is a derived demand, they mean that:
A. producers substitute low-priced for high-priced resources.
B. the demand for resources depends on the demand for the product that those resources produce.
C. government demand complements private demand for most goods and services.
D. resource demand curves are often upsloping.
Answer:B
When economists say that the demand for a resource is a derived demand, they mean that:
A. producers substitute low-priced for high-priced resources. B. the demand for resources depends on the demand for the product that those resources produce. C. government demand complements private demand for most goods and services. D. resource demand curves are often upsloping.