Can you explain the difference between joint demand and competitive demand?

Competitive Demand means You can derive equal satisfaction from either product e.g. substitutes like jam and marmalade. Therefore jam and marmalade are in competitive demand. 

Whereas 

 goods in joint Demand a consumer will require Both For maximum consumer satisfaction e.g. Complements like cars and tyres. 

SW
Answered by Sophie W. Economics tutor

26960 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

What is the difference between deflation and falling inflation?


How do I answer an evaluation question?


What is the effect on the UK current account balance following an appreciation of the Sterling?


What are the different types of price discrimination?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences