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

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