JAMB - Economics (2015 - No. 4)
All the following are factors that would bring about a change in supply except
level of technology
government policy
Entry of new firms
Price of the commodity
Paliwanag
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