Which of the Following Is a Determinant of Supply

question 61

Multiple Choice

Which of the following is a determinant of supply?

• A) Consumer tastes or preferences.
• B) The prices of the factors of production.
• C) Income.
• D) Number of buyers.

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Definitions:

Economically Desirable

Attributes or actions that are beneficial from an economic standpoint, promoting efficiency, growth, or productivity.

Producer Surplus

The difference between the amount producers are willing to supply a good for and the actual amount they receive by selling it.

Market Price

The current price at which a goods or service can be bought or sold in a particular market.

Consumer Surplus

The gap between what consumers are prepared and capable of paying for a product or service and what they end up spending.