If the demand for one commodity excludes another, it is said to be
ECONOMICS
JAMB 2011
If the demand for one commodity excludes another, it is said to be
- A. complementary demand
- B. competitive demand
- C. composite demand
- D. derived demand
Correct Answer: B. competitive demand
Explanation
competitive demand is a market situation where a prospective buyer could choose between two competing products and still receive roughly the same level of satisfaction. The selection of one product which are normally substitutes would lead to the exclusion of the other product. Example if mr X intends to buy detergent, he can either choose to buy omo or sunlight detergent but not the two. Choosing between these two alternatives is what is referred to as competitive demand.
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *