ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government regulations
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Seller Expectations
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Number of sellers
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Change in technology
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Detailed explanation-1: -Technology as a Determinant of Supply Take for example when firms can produce more output than they could before from the same amount of input. Alternatively, an increase in technology could be thought of as getting the same amount of output as before from fewer inputs.
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: -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