ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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change in the price of inputs (resources)
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change in the number of suppliers
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change in technology
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change in government policies
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none-this is a change in demand
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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: -Answer and Explanation: a. With the increase in the price of steel, the cost of producing cars would increase. This would lead to the leftward shift of the supply curve.
Detailed explanation-3: -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-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