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WAEC Economics 2022 Question 12

Question 12

Theory of Supply

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

  1. A.competitive goods
  2. B.composite goods
  3. C.jointly supplied
  4. D.derived goods
Show the answer and explanation

Answer: A (competitive goods)

Explanation

Producers switch resources to the dearer X, so less Y is supplied: competitive supply.