BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Factors determining supply are
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Planning
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Profit
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Government
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Price of a Commodity
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Explanation:
Detailed explanation-1: -The supply of a commodity is affected not only by price but by other factors also which include: (i) prices of other commodities, (ii) prices of factors of production, (iii) objectives of the producer, and (iv) production technology.
Detailed explanation-2: -Price is the most important factor influencing the supply of a commodity. More is supplied at a lower price and less is supplied at a higher price.
Detailed explanation-3: -Supply shifters include (1) prices of factors of production, (2) returns from alternative activities, (3) technology, (4) seller expectations, (5) natural events, and (6) the number of sellers.
There is 1 question to complete.