Illustrates the different kinds of Demand
Illustrates the different kinds of Demand?
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Various types of demand are as follows:
Joint demand:While two or more commodities are jointly demanded at similar time to satisfy a particular want, it is termed as joint or complimentary demand. As like demand for vegetables for making vegetables soup.
Composite demand: The demand for a commodity that can be put for some uses as demand for electricity
Direct and Derived demand: Demand for a commodity that is for a direct consumption is termed as direct demand. For example: food, cloth. While the commodity is demanded as outcome of the demand of other commodity, it is termed as derived demand. For example: demand for tyres depends on demand of motors and many vehicles.
Industry demand and company demand: Demand for the product of exact company is company demand and whole demand for the products of particular industry that includes number of companies is termed as industry demand.
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For a firm hiring through a purely competitive labor market, in that case the supply of labor is: (w) greater than the MRC. (x) less than the MRC. (y) the same as the MRC. (z) vertical to parallel the wage rate. Discover Q & A Leading Solution Library Avail More Than 1413852 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1930858 Asked 3,689 Active Tutors 1413852 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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