ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
tastes and preferences
|
|
|
price of related goods
|
|
|
cost of production
|
|
|
number of buyers
|
Detailed explanation-1: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.
Detailed explanation-2: -Money is not considered as a factor of production. Money is medium of exchange and hence it cannot help to increase the productivity of an economy like other factors of production, thus the factors of production are Land, Labour, Capital and Entrepreneurship.
Detailed explanation-3: -A change in the interest rate does not cause a shift in the demand curve for money.
Detailed explanation-4: -Consumer tastes and preferences affect the demand of a good or service not the supply.As cost of production affects the supply of a good/service, it is not a determinant of cost of production.