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

26866 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

Assess the economic effects of a depreciation on a countries currency


Evaluate the view that all firms aim to profit maximise


Explain why a rise in investment should help to increase the rate of growth of the UK economy


Examine measures the government might use to restrict the monopsony power of supermarkets.


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences