Question

What are the determinants of supply? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. Income unanswered Prices of other goods unanswered Technology unanswered Tastes and preferences unanswered Resource prices unanswered Number of producers

Answer 1

Number of producers

Prices of other goods

Technology

Resource prices

Step-by-step explanation:

Supply is the total amount of goods and services available to consumers in a market

The higher the number of producers, the higher the number of goods produced and the higher the supply all things being equal. The reverse would be the case if the number of producers fall.

If the price of other good increases, it would be more profitable to produce the other goods. As a result, the number of producers available to good would reduce.

Technological progress that reduces cost of production and makes production more efficient, would lead to an increase in supply.

If the price of inputs increases, it becomes more expensive to produce the good and as a result, supply would fall.