All the following are factors that would bring about a change in supply except?

By: |Published on: Oct 21|Categories: Economics JAMB| 0 comments

A. level of technology
B. government policy
C. Entry of new firms
D. Price of the commodity

Correct Answer:

Option C – Entry of new firms

Explanation

Factors Affecting the Supply of a Commodity

  • Price of the given Commodity
  • Cost of Production:
  • Natural Conditions
  • State of Technology
  • Transport Conditions
  • Factor Prices and their Availability
  • Government’s Policies
  • Prices of Related Goods

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