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If an increase in the price of crude oil led to an increase in the...

Economics
WAEC 2020

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

  • A. joint supply
  • B. competitive supply
  • C. market Supply
  • D. composite supply
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Correct Answer: Option A
Explanation

Joint supply occurs when a product or the process of producing a product can yield two or more outputs. For instance, cows can be used for both milk or beef, If the supply of cows increases, it will also lead to an increase in the supply of dairy and beef products.


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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts