passwella.
Menu

JAMB Economics 2004 Question 43

Question 43

Theory of Supply

If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

  1. A.jointly supplied
  2. B.competitive
  3. C.composite
  4. D.jointly demanded
Show the answer and explanation

Answer: A (jointly supplied)

Explanation

Goods in joint supply are produced together (e.g. beef and hides); producing more X for its higher price automatically gives more Y.