discuss the various determination of supply
Answer (1)
9th Jul, 2019
Hello!
Various determinants of supply are:-
- Price of goods- supply increases when price increases
- Price of related goods- increase price and supply of one good leads to lower supply of other goods
- Price of a factor of production-rise in the factor of production cause increased the price of goos
- State of technology- advanced technology increases the price of goods
- Government policy- taxes vary the price and supply of goods
- Other factors- foreign policies, industry firm etc.
Hope this helps!
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