Asked by Tejuan Jones on May 16, 2024
Verified
List six determinants of market supply.
Determinants of Market Supply
Factors that influence the quantity of a good or service that producers are willing and able to sell at a given price, such as production costs, technology, and number of sellers.
- Distinguish and clarify the variables affecting market demand and supply.
Verified Answer
TJ
Trevon JohnsonMay 20, 2024
Final Answer :
The six determinants of supply are: (1)a change in resource prices; (2)a change in technology; (3)a change in taxes and subsidies; (4)a change in prices of other goods; (5)a change in producer expectations; (6)a change in the number of sellers.
Learning Objectives
- Distinguish and clarify the variables affecting market demand and supply.