<h2>Types of Supply</h2>
<h3>1) Composite Supply:</h3>
<p>This occurs when a certain commodity can serve two or more purposes. In other words, the supply of the commodity for one purpose will greatly affect the supply of the same commodity for another purpose. For example, the supply of crude oil for the production of petrol will affect the production of kerosene, diesel, gas, etc.</p>
<h3>2) Competitive Supply:</h3>
<p>This type of supply occurs with commodities that serve as substitutes or alternatives to one another, e.g. meat and fish, butter and margarine, etc.</p>
<h3>3) Joint or Complementary Supply:</h3>
<p>This type of supply occurs when two or more commodities are produced and supplied from one source. An increase in the production and supply of one will automatically bring about an increase in the production and supply of the other commodities that are produced from the same source. For example, an increase in the production or supply of cassava will lead to an increase in the production of garri, starch, etc. Also, an increase in the supply of flour will lead to an increase in the supply of bread.</p>

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Types of Supply

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Explore the various determinants and types of supply, learn about how price elasticity of supply is measured, and discover the key factors that impact determinants of price elasticity of supply.


Types of Supply

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