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Explain Any One Factor that Affects the Supply of a Commodity. - ICSE Class 10 - Economics

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Question

Explain any one factor that affects the supply of a commodity.

Solution

Price of the product is one of the factors which affects the supply of a commodity. When there is an increase in the price of the product and if it is more than the marginal cost of production, it enables a firm to earn more profit by selling at a higher price. Hence, there is an increase in the supply of a product.

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APPEARS IN

 2017-2018 (March) (with solutions)
Question 2.1 | 2.00 marks
Solution Explain Any One Factor that Affects the Supply of a Commodity. Concept: Concept for Demand and Supply.
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