Question

explain the following types of demand :1)competetive 2)joint 3)derived

Answer 1

Individual and Market Demand:

Refers to the classification of demand of a product based on the number of consumers in the market. Individual demand can be defined as a quantity demanded by an individual for a product at a particular price and within the specific period of time. For example, Mr. X demands 200 units of a product at Rs. 50 per unit in a week

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