ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify the correct determinant of supply.Example:If airlines expect prices for airline tickets to fall in September when families are less likely to travel due the school calendar, they will supply more during the summer months when they can charge higher fares.
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Change in income
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Change in number of sellers
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Expectations
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Change in technology
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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: -Answer and Explanation: Income is not a determinant of supply.
Detailed explanation-3: -Answer and Explanation: Technological improvements in production is not a determinant of demand.
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