We say that the demand for labor is a derived demand, Ask an Expert

Economics

We say that the demand for labor is a derived demand because:

labor is a necessary input in the production of every good or service.

we demand the product that labor helps produce rather than labor service per se.

the forces of supply and demand do not apply directly to labor markets.

labor is hired using the MRP = MRC rule.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91678284

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