ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is NOT one of the determinants (factors) that cause an increase or decrease in supply?
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Change in cost of production
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Change in number of sellers
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Substitutes
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Change in technology
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Explanation:
Detailed explanation-1: -Answer and Explanation: Income is not a determinant of supply.
Detailed explanation-2: -Answer and Explanation: The correct answer is d) The number of buyers. The factors that influence supply shift the supply curve from its original position. The number of buyers does not shift the supply curve.
Detailed explanation-3: -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-4: -Prices of Factors or Production.
There is 1 question to complete.