An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are

Assessment: WAEC SSCE - Economics - 2022 (Objective) Subject: Economics

Question 1 Report

An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are
Answer Details
Competitive goods means goods and/or services that meet the same buyer or customer needs as one or more goods and /or services offered by a member or any of its affiliates. An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are competitive supply.
Read lesson note on Theory Of Price Determination (WAEC)
Read lesson note on Supply (WAEC)
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