Question

What is supply? Describe the factors affecting supply.

Answer 1

Answer:

Factors affecting Supply. 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.

Answer 2

Answer:

Supply is the amount of a product that a producer is willing to sell in the market at specific price during a given period of time.

Factors affecting Supply are:-

1. Market Price of the commodity
2. Market Price of the related goods
3. Change in technology
4. Number of firms in the market
5. Quality of inputs