JAMB - Economics (2010 - No. 22)
The demand curve for factors of production
is perfect elastic
slopes upwards
slopes of downwards
is perfectly inelastic
Explicació
The factors of production demand curve indicates the quantity of a factor demanded at alternative factor prices. The demand curve is downwards sloping from left to right.
An example is given below for the demand curve of labour, showing how wage rate affect the demand for labour.
An example is given below for the demand curve of labour, showing how wage rate affect the demand for labour.