Understanding Joint Demand and Derived Demand
10 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

  • 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?

  • 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?

    <p>Demand for goods that have multiple uses</p> Signup and view all the answers

    Which of the following goods have composite demand?

    <p>Steel, electricity, milk</p> Signup and view all the answers

    Which of the following is an example of joint demand?

    <p>Demand for bread</p> Signup and view all the answers

    Which of the following is an example of derived demand?

    <p>Demand for steel</p> Signup and view all the answers

    What is the relationship between the price of one good and the quantity demanded of the other good in joint demand?

    <p>Inverse relationship</p> Signup and view all the answers

    Which of the following goods have composite demand?

    <p>Demand for steel</p> Signup and view all the answers

    In case of composite demand, how does a slight change in price of a product affect its demand?

    <p>Large change in demand</p> Signup and view all the answers

    More Like This

    Understanding Joint Sepsis
    35 questions

    Understanding Joint Sepsis

    DelightfulPink avatar
    DelightfulPink
    Understanding Joint Discomfort
    6 questions

    Understanding Joint Discomfort

    LowRiskAlmandine avatar
    LowRiskAlmandine
    Understanding Joint Dislocations
    20 questions

    Understanding Joint Dislocations

    YouthfulGarnet avatar
    YouthfulGarnet
    Understanding Joint Dislocations
    30 questions

    Understanding Joint Dislocations

    YouthfulGarnet avatar
    YouthfulGarnet
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser