What are the determinants of supply? Instructions: You may select more than one

Question

What are the determinants of supply? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers 2 Income 2 Price of other goods Technology 2 Tastes and preferences Resource prices 2 Number of producers Indicate whether a change in the value of each of the following determinants of supply leads to a movement along the supply curve or a shift in the supply curve IL Change in market price: ECic 1o B. Change in fector productivity ee 1o in. Change in producer expectations lv. Change in the price of other goods Tes to sY v. Change in technology Meme sees v. Change in resource prices vill Change in taxes elice tO Given the folowing d agram, Indicate whether these ch anges represent a change in suppy or a change in quantty supplied

Explanation / Answer

1.Determinantsof supply are-

Price of other goods

Technology

Resource prices

Number of consumers

2.Change in price leads to movement along the supply curve and change in any other factor except price leads to shift in the supply curve.

1.Movement.

2.Shift

3.Shift

4.Shift

5.Shift

6.Shift(Change in resource price changes MC which shifts the supply curve)

7.Movement because taxes change the price of the good.

3.A-B-Movement because the points are on the same supply curve S.

A-C-Movement because the points are on different supply curves S1 and S.

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