ECONOMICS
PRICE CEILINGS AND FLOORS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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applied demand
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derived demand
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situation demand
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determinant demand
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Detailed explanation-1: -Derived demand-in economics-is the demand for a good or service that results from the demand for a different, or related, good or service. It is a demand for some physical or intangible thing where a market exists for both related goods and services in question.
Detailed explanation-2: -The firm’s demand for labor is a derived demand; it is derived from the demand for the firm’s output. If demand for the firm’s output increases, the firm will demand more labor and will hire more workers.
Detailed explanation-3: -Direct demand is the demand for a final good. Food, clothing and cell phones are an example of this. Also called autonomous demand, it’s independent of the demand for other products. Derived demand is the demand for a product that comes from the usage of others.
Detailed explanation-4: -i. Individual and Market Demand: ii. Organization and Industry Demand: iii. Autonomous and Derived Demand: iv. Demand for Perishable and Durable Goods: v. Short-term and Long-term Demand: