BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Sugar and Tea
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Diesel and Bus
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Ink and Fountain Pen
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Wool and Mutton
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Detailed explanation-1: -For example, if demand increases for wool and sheep farmers, therefore, raise more animals for wool, there will be a related increase in sheep meat production. This increased production will lead to greater meat supply and potentially lower prices.
Detailed explanation-2: -Joint demand is when the demand for one product is directly and positively related to market demand for a related good or service. Examples of joint demand include fish and chips, iron ore and steel and apps for smartphones.
Detailed explanation-3: -It is different from the competitive supply and joint demand. Competitive supply usually occurs when a factor of production is used for multiple purposes. Joint demand occurs when demand for a product increases the demand for another product.
Detailed explanation-4: -Joint demand is the combined demand of two or more interlinked goods. Thus, the demand for one product affects the demand for other interlinked products. It is also referred to as complementary demand; the products that exhibit joint demand are called complementary goods.
Detailed explanation-5: -Inter-Related Supply: Joint Supply and Composite Supply.