ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Technological advancement
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Infrastructure Improvements
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Number of buyers
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Price of related goods
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Detailed explanation-1: -Determinants of Demand and Supply While the determinants of supply include input prices, technology, number of sellers, and future expectations, demand is determined by other factors. Some of the main determinants of demand include income, price of related goods, expectations, and the number of buyers.
Detailed explanation-2: -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-3: -Price. The number of sellers in the market. The price of resources used to produce the product. Tax rates and subsidies. Improvements in technology and automation. Expectations of the suppliers. The price of related products. The price of joint products made in the same process.
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