WAEC Economics 2022 Objective — Question 12
Question 12 of 50 from the West African Examinations Council (WAEC) Economics 2022 Objective paper, with the correct answer and a full explanation.
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An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are
- A. competitive goods
- B. composite goods
- C. jointly supplied goodsCorrect
- D. derived goods
Explanation
When an increase in the price of X (which leads producers to increase production of X) causes a fall in the supply of Y, X and Y are jointly supplied (produced together, e.g. beef and hide) goods.
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