GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Joint Demand
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Direct Demand
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Composite Demand
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Autonomous Demand
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Detailed explanation-1: -A commodity which is used for multiple purposes, then the demand for it is known as composite demand. For example, milk experience a composite demand since milk is itself a food product, it is also used for making other products, such as, ghee, butter, curd, etc.
Detailed explanation-2: -The demand for a commodity which can be put to several uses is known as composite demand.
Detailed explanation-3: -Composite demand Composite demand happens when there are multiple uses for a single product. For example, corn can be used as animal feed, ethanol and food in its whole form. The rise in demand for any of these products leads to a shortage in supply for the others. This shortage can lead to a rise in price.
Detailed explanation-4: -Meaning of composite demand in English the situation when a particular type of goods is used to produce more than one type of product: In the case of composite demand, if demand for one product that uses the commodity rises, the supply of other products using the commodity will fall.