ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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technology & government regulation
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taxes and resource cost
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number of producers and subsidies
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all of the above
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Detailed explanation-1: -Number of sellers. Expectations of sellers. Price of raw materials. Technology. Other prices. 29-Jun-2021
Detailed explanation-2: -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.
Detailed explanation-3: -The seven factors which affect the changes of supply are as follows: (i) Natural Conditions (ii) Technical Progress (iii) Change in Factor Prices (iv) Transport Improvements (v) Calamities (vi) Monopolies (vii) Fiscal Policy.
Detailed explanation-4: -There is a consensus among economists that there are various primary factors that cause supply to change. These include technology, the price of raw materials, seller expectations, number of sellers in the market and prices of other commodities.
Detailed explanation-5: -i. Price: ii. Cost of Production: iii. Natural Conditions: iv. Technology: v. Transport Conditions: vi. Factor Prices and their Availability: vii. Government’s Policies: viii. Prices of Related Goods: