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The increase in the demand for a commodity may lead to a decrease in the...

Economics
WAEC 2022

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  • A. in complementary demand
  • B. of the same quality
  • C. in composite demand
  • D. in competitive demand
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Correct Answer: Option D
Explanation

Competitive demand is also known as subtituted demand. There are alternative commodities which can satisfy similar wants wants i.e they posses identical utilities. An increased in demand for one will lead to a decreased demand for the other.

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709