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Explain the Factor Input Prices that Can Cause a Change in Supply. - Economics

Explain the factor Input prices that can cause a change in supply.

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Solution

Factor the input price which affects supply: Price of raw material and other factors of production: If the price of raw material or other factors of production increases, then this implies an increase in the cost of production. Accordingly, the firms would be willing to supply more quantity of the commodity at the existing price.

Concept: Market Supply
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