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All the following are factors that would bring about a change in supply except

Economics
JAMB 2015

All the following are factors that would bring about a change in supply except

  • A. level of technology
  • B. government policy
  • C. Entry of new firms
  • D. Price of the commodity
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Correct Answer: Option C
Explanation

Factors Affecting the Supply of a Commodity

  • i. Price of the given Commodity
  • ii. Cost of Production:
  • iii. Natural Conditions
  • iv. State of Technology
  • v. Transport Conditions
  • vi. Factor Prices and their Availability
  • vii. Government's Policies
  • viii. Prices of Related Goods
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