ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cost of production/resources
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Number of sellers
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Change in expectations
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Change in technology
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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: -change in resource prices. change in technology. change in taxes and subsidies. change in the prices of other goods. change in expectations. change in the number of sellers.
Detailed explanation-3: -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:
Detailed explanation-4: -Price of the Commodity. Firm Goals. Price of Inputs or Factors. Technology. Government Policy. Expectations. Prices of other Commodities. Number of Firms. More items