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WAEC Economics 2009 Question 13

Question 13

Theory of Supply

If a fall in price of one commodity leads to an increase in the supply of another commodity, both commodities have

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

Answer: C (competitive supply)

Explanation

The goods compete for the same resources: when one becomes less profitable, resources shift to the other.