Briefly discuss the determinants of supply other than price
What will be an ideal response?
An increase in the costs of inputs used to produce the good will cause supply to decrease, while an increase in technology will cause supply to increase. The imposition of a tax on the good would cause supply to decrease, while a subsidy on the good would cause supply to increase. An increase in the number of firms producing the good causes the market supply to increase. A change in expectations about future prices also causes current supply to change.
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The United Steel Workers Union is an example of
A) a craft union. B) an auto union. C) an industrial union. D) a blue collar union.
Refer to the above table. Suppose the price of X increases from $10 to $12. What is the cross price elasticity of demand between X and Z?
A) +0.292 B) +7.06 C) -7.06 D) -0.292
A credible policy designed to lower inflation is likely to push the economy into recession
a. True b. False Indicate whether the statement is true or false
Which of the following creates a positive social rate of return?
a. Providing a free secondary education to the public b. Paying higher wages to workers with college degrees c. Offering government grants to private universities d. Earning an advanced degree at a public university