ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The United Nations recently called for governments to stop the $5 trillion dollars they give to oil companies every year. This would likely cause a drop in the supply of oil products like gasoline. Which determinant of supply does this illustrate?
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Worker productivity/ motivation
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Government taxes/ subsidies
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Change in technology
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Complements
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Explanation:
Detailed explanation-1: -Answer and Explanation: Income is not a determinant of supply.
Detailed explanation-2: -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-3: -Answer and Explanation: Technological improvements in production is not a determinant of demand.
There is 1 question to complete.