When an increase in the price of a commodity lead to a rise In the demand for the other, the demand for the two commodities are said to be
Source: JAMB · 2024
When an increase in the price of a commodity lead to a rise In the demand for the other, the demand for the two commodities are said to be
Explanation
Competitive demand means goods are substitutes. When one gets expensive, people buy the other instead.
Composite demand is when a good has multiple uses. Derived demand comes from demand for a final product.
Tea and coffee compete for the same customers. If coffee costs more, tea demand rises.
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