Economics WAEC

Increase in the supply of a product can be caused by?

A. change and taste and fashion of consumers
B. increase in the income of consumers
C. a fall in the cost of production
D. increase in the price of a product

Correct Answer: Option C

C. a fall in the cost of production

Explanation

An increase in supply is illustrated by a shift of the supply curve to the right. An increase in supply can be caused by: an increase in the number of producers. a decrease in the costs of production (such as higher prices for oil, labor, or other factors of production).

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