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WAEC Economics 1997 Question 5

Question 5

Theory of Demand

Goods are said to be in competitive demand when they

  1. A.are substitutes
  2. B.are complementary to each other
  3. C.are jointly demanded
  4. D.have equal coefficients of elasticity
  5. E.are identical
Show the answer and explanation

Answer: A (are substitutes)

Explanation

Goods in competitive demand compete to satisfy the same want, i.e. they are substitutes.