JAMB - Economics (2016 - No. 17)
The overall demand for crude oil for various uses is an example of __________?
derived demand
competitive demand
composite demand
complementary demand
Explication
Composite demand is where goods have more than one use. An increase in the demand for one product leads to a fall in supply of the other. An example is milk which can be used for cheese, yoghurts, cream, butter and other products