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WAEC Economics 2020 Question 13

Question 13

Theory of Supply

If an increase in the price of crude oil led to an increase in the prices of kerosene and grease, then kerosene and grease are in

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

Answer: A (joint supply.)

Explanation

Kerosene and grease both come from refining crude oil, so they are in joint supply.