a-5, b-3, c-4, d-1, e-2
a-4, b-1, c-3, d-2, e-5
a-5, b-1, c-2, d-3, e-4
a-3, b-2, c-4, d-1, e-5
Answer is Wrong!
Answer is Right!
The correct answer is:
a. Joint demand 1. Tea and Coffee
b. Competitive demand 2. Domestic consumers and industrial users
c. Composite demand 3. Sugar and molasses
d. Joint supply 4. Lipton tea and Brooke Bond tea
e. Competitive supply 5. Car and Petrol
Here is a brief explanation of each option:
- Joint demand: This is when the demand for two or more goods is linked together. For example, the demand for tea and coffee is likely to be joint, as people who drink tea are more likely to also drink coffee.
- Competitive demand: This is when the demand for two or more goods is in conflict with each other. For example, the demand for domestic consumers and industrial users is likely to be competitive, as domestic consumers want to pay as little as possible for goods, while industrial users want to pay as little as possible for inputs.
- Composite demand: This is when the demand for a good is made up of the demands of different groups of people. For example, the demand for sugar is likely to be composite, as it is used by both domestic consumers and industrial users.
- Joint supply: This is when the supply of two or more goods is linked together. For example, the supply of sugar and molasses is likely to be joint, as they are both produced from sugar cane.
- Competitive supply: This is when the supply of two or more goods is in conflict with each other. For example, the supply of cars and petrol is likely to be competitive, as car manufacturers want to produce as many cars as possible, while oil companies want to sell as much petrol as possible.