Which of the following factors do not affect supply of a product
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Answer:
In economics, supply refers to the quantity of a product available in the market for sale at a specified price at a given point of time.
In economics, supply refers to the quantity of a product available in the market for sale at a specified price at a given point of time.Unlike demand, supply refers to the willingness of a seller to sell the specified amount of a product within a particular price and time.
In economics, supply refers to the quantity of a product available in the market for sale at a specified price at a given point of time.Unlike demand, supply refers to the willingness of a seller to sell the specified amount of a product within a particular price and time.Supply is always defined in relation to price and time. For example, if a seller agrees to sell 500 kgs of wheat, it cannot be considered as supply of wheat as the price and time factors are missing.
Similarly, if a seller is ready to sell 500 kgs at a price of Rs. 30 per kg then again it would not be considered as supply as the time element is missing. Therefore, the statement “a seller is willing to sell 500 kgs at the price of Rs. 30 per kg in a week” is ideal to understand the concept of supply as it relates supply with price and time.
Similarly, if a seller is ready to sell 500 kgs at a price of Rs. 30 per kg then again it would not be considered as supply as the time element is missing. Therefore, the statement “a seller is willing to sell 500 kgs at the price of Rs. 30 per kg in a week” is ideal to understand the concept of supply as it relates supply with price and time.Apart from this, the supply also depends on the stock and market price of the product. Stock of a product refers to quantity of a product available in the market for sale within a specified point of time.
Similarly, if a seller is ready to sell 500 kgs at a price of Rs. 30 per kg then again it would not be considered as supply as the time element is missing. Therefore, the statement “a seller is willing to sell 500 kgs at the price of Rs. 30 per kg in a week” is ideal to understand the concept of supply as it relates supply with price and time.Apart from this, the supply also depends on the stock and market price of the product. Stock of a product refers to quantity of a product available in the market for sale within a specified point of time.Both stock and market price of a product affect its supply to a greater extent. If the market price is more than the cost price, the seller would increase the supply of a product in the market. However, the decrease in market price as compared to cost price would reduce the supply of product in the market.