Market supply in a competitive market is determined by:

Question

Quizplus · Accepted Answer

Market supply in a competitive market is determined by the cost of factor inputs. This includes the cost of labor, materials, and other inputs required to produce the goods or services being supplied. The lower the cost of factor inputs, the more producers will be willing and able to supply in the market. Factors such as income, the number of buyers, and consumer preferences may affect demand, but they do not directly impact market supply in a competitive market.

Market Supply in a Competitive Market Is Determined By