The overall demand for crude oil for various uses is an example of __________?
ECONOMICS
JAMB 2016
The overall demand for crude oil for various uses is an example of __________?
- A. derived demand
- B. competitive demand
- C. composite demand
- D. complementary demand
Correct Answer: C. composite demand
Explanation
Composite demand is where goods have more than one use. An increase in the demand for one product leads to a fall in supply of the other. An example is milk which can be used for cheese, yoghurts, cream, butter and other products
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