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. 

Answered by Sophie W. Economics tutor

23119 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

Why does excessive consumption of alcohol lead to negative externalities ?


What is the difference between the RPI and CPI rate of inflation


Why is a monopoly inefficient?


What is a market equilibrium? Describe and explain an equilibrium graphically


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 2013–2024

Terms & Conditions|Privacy Policy