WAEC Economics 2020 Objective — Question 13
Question 13 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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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 supplyCorrect
- B. competitive supply
- C. market supply
- D. composite supply
Explanation
Kerosene and grease are joint products derived from crude oil; when the price of crude oil rises, the supply/prices of its joint products move together (joint supply).
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