ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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effects of technology
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competition
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cost of production
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income
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Detailed explanation-1: -There are four non-price factors of supply that can influence the willingness of suppliers to produce goods. The cost of production, expected future prices, number of suppliers and technology.
Detailed explanation-2: -#3 – Income Consumer income is one of the most important non-price determinants of demand. In addition, consumer income is one of the most important non-price determinants of demand for normal and inferior goods. Normal goods are those goods whose demand moves in sync with the income.
Detailed explanation-3: -A change in price does not shift the supply curve.
Detailed explanation-4: -The needs of the consumer. Consumer income (Y) Consumer tastes, preferences and fashions. Habit. Brand loyalty. The price of substitute products. The price of complementary products. Natural factors. More items •13-Jan-2020