explain the term supply and name any four factors affecting it
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Explanation:
Supply refers to the quantity of a good that the producer plans to sell in the market. Supply will be determined by factors such as price, the number of suppliers, the state of technology, government subsidies, weather conditions and the availability of workers to produce the good.
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Answer:
Supply refers to the quantity of a commodity that a firm is willing and able to offer for sale, at each possible price during a given period of time.
FACTORS AFFECTING SUPPLY:-
- Government Policy
- Prices of Factors of Production
- Prices of Other Goods
- Price of the given Commodity
- State of Technology
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