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JAMB Economics 2010 Question 17

Question 17

Theory of Supply

If commodity X is a by-product of commodity Y, this implies that both commodities are

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

Answer: C (jointly supplied)

Explanation

A by-product is produced together with the main product (e.g. beef and hide), so the two are in joint supply.