An increase in demand for X will increase supply of Y
An increase in demand for X will leave the supply of Y unchanged
An increase in demand for Y will raise the price of X
An increase in demand for X will cause less of Y to be produced
Correct answer is A
No explanation has been provided for this answer.
At a co-efficient of price elasticity of supply of 0.5, supply is
Perfectly inelastic
Inelastic
Perfectly elastic
Elastic
Correct answer is B
No explanation has been provided for this answer.
Composite supply
Joint supply
Competitive supply
Short run supply
Correct answer is C
No explanation has been provided for this answer.
When the price of a commodity increases and the quantity demanded also increases, this is a case of
Exceptional demand
Derived demand
Competitive demand
Joint demand
Correct answer is A
No explanation has been provided for this answer.
The type of demand that exist between torchlight and battery is
Competitive demand
Complemetary demand
Composite demand
Joint demand
Correct answer is D
Joint demand occurs when the demand for one product is directly linked to the demand for another. This means the two goods need to work together to provide a benefit for the consumer and one cannot work without the other. E.g car and petrol, torch and batteries.