What are the determinants of supply
What are the determinants of supply?
Expert
The fundamental determinant of supply is the price of the commodity. As price increases, the quantity supplied increases. An increase in price reason a faction up to a given supply curve. A decrease in price causes a movement down a given supply curve.
The non-price determinants of supply are: resource (input) prices, technology, taxes and subsidies, expectations, prices of other related goods as well as the number of sellers. If one or more of these changes, there will be the whole supply curve as well as a change in supply will shift to the right or the left.
After the Spanish found the new world, they promptly began to plunder this. They imported huge amount of gold and silver to Spain. It inflow of bullion caused a rapid increase in inflation, that would have grave consequences for Spain. It is quick inflation made this
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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Importance of Economics Importance of Importance of Economics:Economics has become one of the major branches of social sciences. This is of enormous practical value in our day by day life. In pure sciences, we study the subject
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Concept of Adam Smith that the market system automatically adjusts as when guided through an “invisible hand” most intimately resembles: (1) flows of electricity across the microcircuits within computer chips. (2) homeosta
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