The effects on the demand for product A caused by a change in the price...
ECONOMICS
JAMB 2018
The effects on the demand for product A caused by a change in the price of product B is Called____________
- A. Joint demand
- B. cross-elasticity of demand
- C. elasticity of supply
- D. competitive demand
Correct Answer: A. Joint demand
Explanation
Joint demand is when the demand for one product is directly and positively related to market demand for a related good or service. Example computer system and software. You need a software for a computer to function. If there is change in the price of a computer system, it will affect the demand for software.
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