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JAMB Economics 2013 Question 17

Question 17

Theory of Supply

The supply of beverages by firms in a monopolistic market is an example of

  1. A.derived demand.
  2. B.competitive supply.
  3. C.composite supply.
  4. D.joint demand.
Show the answer and explanation

Answer: B (competitive supply.)

Explanation

Firms selling similar beverages compete for the same buyers, so their supply is competitive supply.