Question

State at least 7 causes of the increase and decrease in supply each. (From the point of view of a producer)

Answer 1

Answer:

Explanation:-

Causes of increase in Supply

(i) More firms in market

(ii) Improved Technology

(iii) Lower Tax

(iv) Higher government subsidies

Causes of decrease in supply

(i) Fewer firms in market

(ii) Bad weather

(iii) Higher taxes

(iv) Decline in productivity

Answer 2

Answer:

The seven factors which affect the changes of supply are as follows:-

• (i) Natural Conditions.
• (ii) Technical Progress.
• (iii) Change in Factor Prices.
• (iv) Transport Improvements.
• (v) Calamities.
• (vi) Monopolies.
• (vii) Fiscal Policy.

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