If commodity X is a by-product of commodity Y , this implies that both commodities
ECONOMICS
JAMB 2010
If commodity X is a by-product of commodity Y , this implies that both commodities are
- A. in competitive supply
- B. in composite supply
- C. jointly supplied
- D. in excess supply
Correct Answer: B. in composite supply
Explanation
When the process of making one thing results in a second product as well, that second thing is called a byproduct. Example The production of computer systems, require a software to function, hence would be jointly supplied. Composite Supply is one where 2 or more goods or services are supplied together.
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