Final answer:
The determinants of supply in business include technology levels, input prices, taxes and subsidies, prices of substitutes in production, and future market expectations. These factors affect a firm's cost of production and its willingness to supply goods at given prices. They are crucial for understanding how supply can change in response to different economic variables.
Step-by-step explanation:
The determinants of supply include factors such as the level of technology used in production, input prices, taxes and subsidies, the prices of "substitutes in production", and expectations about the future. These are some of the various elements that can cause the supply curve to shift, indicating a change in the quantity supplied at various price levels. For instance, the enhancement of technology in production can lead to increased productivity and lower costs, effectively boosting supply. Input prices are also critical, as a decrease in the cost of inputs can lower production costs and increase supply. Moreover, taxes and subsidies play a significant role; taxes can increase production costs thus potentially decreasing supply, whereas subsidies can decrease production costs, therefore increasing supply. Prices of substitutes in production and expectations about the future market conditions can further influence suppliers' decisions on how much to produce and supply.