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
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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