Which of the Following Is a Determinant of Supply

question 73

Multiple Choice

Which of the following is a determinant of supply?

• A) Consumer tastes or preferences.
• B) Consumer income.
• C) Prices of the factors of production.
• D) Number of buyers.

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Definitions:

MRP

The additional revenue a firm earns by employing one more unit of input, assuming other inputs remain constant, often used in the context of labor.

Acres

A unit of land area used in the imperial and US customary systems, equivalent to 4,840 square yards or 43,560 square feet.

Rent

Payment made to use or occupy land, a building, machinery, or other assets for a specified period under a lease agreement.

MRP

An abbreviation for Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a factor, such as labor or capital.