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What determines the supply of a product?

What determines the supply of a product?

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.

What is supply and example?

Elements of Supply. Specific quantity is the amount of a product that a retailer wants to sell at a given price is known as the quantity supplied. Typically a time period is also given when describing quantity supplied For example: When the price of an orange is 65 cents the quantity supplied is 300 oranges a week.

What are the 3 types of supply in economics?

Types of Supply

  • Composite Supply: This occurs when a certain commodity can serve two or more purposes.
  • Competitive Supply: This type of supply occurs with commodities that serve as substitutes or alternatives to one another, e.g. meat and fish, butter and margarine, etc.
  • Joint or Complementary Supply:

What do you meant by supply?

Supply is the willingness and ability of producers to create goods and services to take them to market. Supply is positively related to price given that at higher prices there is an incentive to supply more as higher prices may generate increased revenue and profits.

What are the 8 determinants of supply?

Determinants of Supply:

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

What are the factors affecting supply in economics?

6 Factors Affecting the Supply of a Commodity (Individual Supply) | Economics

  • Price of the given Commodity: ADVERTISEMENTS:
  • Prices of Other Goods:
  • Prices of Factors of Production (inputs):
  • State of Technology:
  • Government Policy (Taxation Policy):
  • Goals / Objectives of the firm:

How do you explain supply?

What are the 4 types of supply?

There are five types of supply—market supply, short-term supply, long-term supply, joint supply, and composite supply. Meanwhile, there are two types of supply curves—individual supply curves and market supply curves.

What are supply categories?

There are five types of supply:

  • Market Supply: Market supply is also called very short period supply.
  • Short-term Supply: ADVERTISEMENTS:
  • Long-term Supply:
  • Joint Supply:
  • Composite Supply:

What is supply in economics?

Definition: Supply is an economic term that refers to the amount of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period.

What are the factors of supply for a given product?

The factors of supply for a given product or service is related to: the price of the product or service the price of related goods or services the prices of production factors

What are the determinants of supply in economics?

The supply of a product is influenced by various determinants, such as price, cost of production, government policies, and technology. It is governed by the law of supply, which states a direct relationship between the supply and price of a product, while other factors remaining the same.

What is meant by market supply?

Market supply is the quantity of goods supplied by all firms in the market during a specific time period and at a particular price. Market supply is also known as industry supply as firms collectively constitute an industry.