ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Improved technology
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Increase in resource price
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Number of suppliers
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Population changes
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Detailed explanation-1: -Answer and Explanation: Income is not a determinant of supply.
Detailed explanation-2: -Major determinants of supply include the price of the product or service, price of a related item, price of factors of production, technology intervention, administrative policy, and price speculations.
Detailed explanation-3: -Determinants of Demand and Supply While the determinants of supply include input prices, technology, number of sellers, and future expectations, demand is determined by other factors. Some of the main determinants of demand include income, price of related goods, expectations, and the number of buyers.
Detailed explanation-4: -Price. The number of sellers in the market. The price of resources used to produce the product. Tax rates and subsidies. Improvements in technology and automation. Expectations of the suppliers. The price of related products. The price of joint products made in the same process.