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Questions and Answers
Which of the following correctly defines joint demand?
Which of the following correctly defines joint demand?
- It refers to the demand for goods that are derived from other commodities.
- It refers to the demand for a commodity that arises because of the demand for some other commodity.
- It refers to the demand for goods that have multiple uses.
- It refers to the demand for two or more goods which are used jointly or demanded together. (correct)
Which of the following goods have derived demand?
Which of the following goods have derived demand?
- Milk and sugar
- Car and petrol
- Bread and butter
- Steel, bricks, cement, stones, wood (correct)
What is the relationship between price and quantity demanded in joint demand?
What is the relationship between price and quantity demanded in joint demand?
- There is a direct relationship between price of one good and quantity demanded of other good.
- There is no relationship between price and quantity demanded in joint demand.
- Price and quantity demanded in joint demand are unrelated.
- There is an inverse relationship between price of one good and quantity demanded of other good. (correct)
What is composite demand?
What is composite demand?
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Which of the following goods have composite demand?
Which of the following goods have composite demand?
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Which of the following is an example of joint demand?
Which of the following is an example of joint demand?
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Which of the following is an example of derived demand?
Which of the following is an example of derived demand?
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What is the relationship between the price of one good and the quantity demanded of the other good in joint demand?
What is the relationship between the price of one good and the quantity demanded of the other good in joint demand?
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Which of the following goods have composite demand?
Which of the following goods have composite demand?
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In case of composite demand, how does a slight change in price of a product affect its demand?
In case of composite demand, how does a slight change in price of a product affect its demand?
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