JAMB - Economics (2018 - No. 30)
The effects on the demand for product A caused by a change in the price of product B is Called____________
Joint demand
cross-elasticity of demand
elasticity of supply
competitive demand
Explicació
Joint demand is when the demand for one product is directly and positively related to market demand for a related good or service. Example computer system and software. You need a software for a computer to function.
If there is change in the price of a computer system, it will affect the demand for software.