Which of the following is a determinant of supply?

Question

Quizplus · Accepted Answer

The prices of the factors of production, such as labor, materials, and resources, directly affect the cost of producing a good or service, which in turn affects the supply. As production costs increase, the supply will decrease, and as production costs decrease, the supply will increase. The other choices, such as consumer tastes, income, and number of buyers, are determinants of demand, not supply.

Which of the Following Is a Determinant of Supply