Identify the correct determinant of supply.Example:An economic boom allows skilled workers to move from fast food jobs into white collar office administration jobs. Fast food producers are forced to hire less skilled workers and supply of fast food decreases.

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

A	Change in education
B	Government regulation
C	Number of sellers
D	Expectations

Explanation:

Detailed explanation-1: -Some of the determinants of supply are technology, the number of suppliers, expectation of suppliers, feedback from consumers, increase in tax, high wage rate, etc. The change in prices of other products which a producer can produce may cause a change in supply for the product.

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: -Production cost: Since most private companies’ goal is profit maximization. Technology: Technological improvements help reduce production cost and increase profit, thus stimulate higher supply. Number of sellers: More sellers in the market increase the market supply. Expectation for future prices:

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

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