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The demand for complementary goods is known as ____
- a)Joint demand
- b)Derived demand
- c)Direct demand
- d)Cross demand
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
The demand for complementary goods is known as ____a)Joint demandb)De...
Explanation:
Complementary goods are goods that are used together, such as cars and gasoline, or printers and ink cartridges. The demand for one good is directly related to the demand for the other good. For example, if the demand for cars increases, the demand for gasoline will also increase.
The demand for complementary goods is known as joint demand. This is because the goods are often purchased together, and the demand for one good affects the demand for the other good.
Example:
An example of joint demand can be seen in the market for smartphones and phone cases. As the demand for smartphones increases, the demand for phone cases also increases. Similarly, if the demand for phone cases decreases, the demand for smartphones will also decrease.
Conclusion:
In conclusion, the demand for complementary goods is known as joint demand. This is because the demand for one good is directly related to the demand for the other good. Joint demand is an important concept for businesses to understand, as it can help them predict how changes in demand for one good will affect the demand for another good.
Complementary goods are goods that are used together, such as cars and gasoline, or printers and ink cartridges. The demand for one good is directly related to the demand for the other good. For example, if the demand for cars increases, the demand for gasoline will also increase.
The demand for complementary goods is known as joint demand. This is because the goods are often purchased together, and the demand for one good affects the demand for the other good.
Example:
An example of joint demand can be seen in the market for smartphones and phone cases. As the demand for smartphones increases, the demand for phone cases also increases. Similarly, if the demand for phone cases decreases, the demand for smartphones will also decrease.
Conclusion:
In conclusion, the demand for complementary goods is known as joint demand. This is because the demand for one good is directly related to the demand for the other good. Joint demand is an important concept for businesses to understand, as it can help them predict how changes in demand for one good will affect the demand for another good.
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Community Answer
The demand for complementary goods is known as ____a)Joint demandb)De...
Joint demand occurs when demand for two goods is interdependent. E.g. it is no good having a printer without the ink to go with it. Similarly, ink cartridges are of no use without a printer. Another example could be a razor and razor blades.
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The demand for complementary goods is known as ____a)Joint demandb)Derived demandc)Direct demandd)Cross demandCorrect answer is option 'A'. Can you explain this answer?
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