ECONOMICS (CBSE/UGC NET)

ECONOMICS

SUPPLY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A publisher of a magazine for educators finds a vendor that can sell them ink at a lower cost, thus increasing supply. Which determinant is this?

A	Technology
B	Gov’t Regulation
C	Cost of Inputs
D	Number of Producers
E	Education

Explanation:

Detailed explanation-1: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Price is dependent on the interaction between demand and supply components of a market. Demand and supply represent the willingness of consumers and producers to engage in buying and selling. An exchange of a product takes place when buyers and sellers can agree upon a price.

Detailed explanation-3: -Some of the indicators are unemployment levels, inflation, government spending, GDP, etc. Prices show the inflation of the economy. The agricultural output shows how the agricultural sector is performing, which is included in the calculation of GDP.

Detailed explanation-4: -Market supply. Long term supply. Short term supply. Joint supply. Composite supply.

There is 1 question to complete.