WAEC - Economics (2023 - No. 5)
The supply of light could be met using a candle, lantern and gas lamp. This is an example of a
complementary supply
abnormal supply
joint supply
composite supply
Açıklama
The supply of light could be met using a candle, lantern, and gas lamp is an example of joint supply. This is because the three products are produced together and cannot be produced separately.
In joint supply, two or more products are produced from the same input. The products are said to be jointly supplied because they are produced simultaneously and cannot be produced separately.
For example, in the case of the supply of light, the three products are candles, lanterns, and gas lamps. These products are produced from the same input, which is fuel. The products cannot be produced separately because they all require fuel to be produced.
In joint supply, two or more products are produced from the same input. The products are said to be jointly supplied because they are produced simultaneously and cannot be produced separately.
For example, in the case of the supply of light, the three products are candles, lanterns, and gas lamps. These products are produced from the same input, which is fuel. The products cannot be produced separately because they all require fuel to be produced.