GENERAL KNOWLEDGE

Detailed explanation-1: -One of the most critical supply factors. A better and more modern technology enhances a product’s production, resulting in an increase in the product’s supply. The manufacturing of fertilisers and high-quality seeds, for example, boosts agricultural productivity.

Detailed explanation-2: -Price. Price can be understood as what the consumer is willing to pay to receive a good or service. This is the main factor that influences the supply of a product. In the law of supply, when the price of a product goes up, the supply of the product also increases and vice versa.

Detailed explanation-3: -Factors affecting supply include price of goods, price of related goods, production conditions, future expectations, input costs, number of suppliers, and government policy.

Detailed explanation-4: -Changes in quantity supplied follow the law of supply, which states that the quantity supplied of a good increases as the price of that good increases. A change in quantity supplied is an increase or decrease in the quantity of goods available for purchase by consumers.