Q3. Explain any 3 determinants of supply.
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Cost of inputs. Cost of supplies needed to produce a good.
Productivity. Amount of work done or goods produced.
Technology. Addition of technology will increase production and supply.
Number of sellers. .
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Answer:
Supply Determinants. Aside from prices, other determinants of supply are resource prices, technology, taxes and subsidies, prices of other goods, price expectations, and the number of sellers in the market.
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