Differentiate between joint supply and competitive supply?
Thursday, March 09, 2023
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Question: Differentiate between joint supply and competitive supply?
Joint supply refers to a situation where the production of one good results in the simultaneous production of another good. For example, a cow can produce both milk and meat, and the production of one cannot be easily separated from the other. In contrast, competitive supply refers to a situation where different producers supply the same type of good, and the market determines the price and quantity supplied by each producer. For example, different farms can produce wheat, and consumers can choose which farm's wheat to buy based on price and quality. Joint supply is a result of production processes, while competitive supply is a result of market forces.
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