MCQ
Choose the correct answer :
Demand of labour is _______
Options
(a) direct demand
(b) indirect demand
(c) autonomous demand
(d) joint demand
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Solution
Demand of labour is indirect demand.
Explanation:
Demand for all factors of production such as land or labour, is said to be indirect demand. This is because these factors are used as an input to produce consumer goods. Thus, as these factors satisfy the consumer wants indirectly, they have indirect demand.
Concept: Factors Affecting Price Elasticity of Demand
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