A. complementary demand
B. competitive demand
C. composite demand
D. derived demand
Correct Answer:
Option B – competitive demand
Explanation
Competitive demand is a market situation where a prospective buyer could choose between two competing products and still receive roughly the same level of satisfaction. The selection of one product which are normally substitutes would lead to the exclusion of the other product. Example if mr X intends to buy detergent, he can either choose to buy omo or sunlight detergent but not the two. Choosing between these two alternatives is what is referred to as competitive demand.
Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…
Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…
Sociology is the scientific study of human society, culture, and behavior. It examines the social…
Social Work is a profession dedicated to helping individuals, families, and communities to cope with…
Religious studies is an academic discipline that explores the beliefs, practices, and history of various…
Public administration is the field of study and practice that focuses on the organization and…