In the static case, it doesn't really matter, because you don't actually link static libraries - all you do is pack some object files together in one archive. All you have to is compile your object files, and you can create static libraries right away.
The situation with dynamic libraries is more convoluted, there are two aspects:
A shared library works exactly the same way as static library (except for shared segments, if they are present), which means, you can just do the same - just link your shared library as soon as you have the object files. This means for example symbols from libDA will appear as undefined in libDB
You can specify the libraries to link to on the command line when linking shared objects. This has the same effect as 1., but, marks libDB as needing libDA.
The difference is that if you use the former way, you have to specify all three libraries (-lDA, -lDB, -lDC) on the command line when linking the executable. If you use the latter, you just specify -lDC and it will pull the others automatically at link time. Note that link time is just before your program runs (which means you can get different versions of symbols, even from different libraries).
This all applies to UNIX; Windows DLL work quite differently.
Edit after clarification of the question:
Quote from the ld
info manual.
The linker will search an archive only
once, at the location where it is
specified on the command line. If the
archive defines a symbol which was
undefined in some object which
appeared before the archive on the
command line, the linker will include
the appropriate file(s) from the
archive. However, an undefined symbol
in an object appearing later on the
command line will not cause the linker
to search the archive again.
See the `-(' option for a way to force
the linker to search archives multiple
times.
You may list the same archive multiple
times on the command line.
This type of archive searching is
standard for Unix linkers. However, if
you are using `ld' on AIX, note that
it is different from the behaviour of
the AIX linker.
That means:
Any static library or object that depends on other library should be placed before it in the command line. If static libraries depend on each other circularly, you can eg. use the -(
command line option, or place the libraries on the command line twice (-lDA -lDB -lDA
). The order of dynamic libraries doesn't matter.