JAMB - Economics (2019 - No. 47)
When of the following matters may account for changes in supply?
I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation
I, II
I, III
II, III, IV
I, II, III, IV
Explanation
A change in supply also known as shifts of the supply curve is determined by other factors affecting supply except price of the commodity when price is constant.
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