Advertisement Remove all ads

Do You Agree Or Disagree with the Following Statement? Give Reason. Price is the Only Determinant of Supply. - Economics

Short Note

Do you agree or disagree with the following statement? Give reason.

Price is the only determinant of supply.

Advertisement Remove all ads

Solution

No, the above statement is not correct. Besides price, the supply of a commodity is affected by a large number of other factors. The following are some of the factors that determine supply.
1. Price of commodity
2. Price of related goods
3. Technology of production
4. Price of factors of production
5. Government policies
6. Nature of commodity
7. Goals of the firm
8. Expectation of future prices

  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 2.2 | Page 45
Advertisement Remove all ads

Video TutorialsVIEW ALL [2]

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×