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WAEC Economics 2001 Question 17

Question 17

Theory of Demand

The demand for a commodity not directly for immediate consumption but for the production of another commodity is

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

Answer: B (derived demand)

Explanation

Demand for a good (e.g. a factor) because it helps produce another good is derived demand.