Goods are said to be in competitive demand when they

Assessment: WAEC SSCE - Economics - 1997 (Objective) Subject: Economics

Question 1 Report

Goods are said to be in competitive demand when they
Answer Details
Goods are said to be in competitive demand when they are substitutes, meaning that consumers can choose to buy one or the other based on factors such as price or personal preference. For example, if the price of tea increases, consumers may switch to buying more coffee instead, indicating that tea and coffee are in competitive demand. This is because they serve a similar function as a hot beverage and are easily interchangeable.
Read lesson note on The Theory Of Demand (JAMB)
Read lesson note on Demand (WAEC)
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