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).

Sunday

Share
Published by
Sunday
Tags: economics

Recent Posts

List of Universities Offering Veterinary Medicine in Nigeria

Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…

4 weeks ago

List of Universities Offering Anthropology in Nigeria

Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…

4 weeks ago

List of Universities Offering Sociology in Nigeria

Sociology is the scientific study of human society, culture, and behavior. It examines the social…

4 weeks ago

List of Universities Offering Social Work in Nigeria

Social Work is a profession dedicated to helping individuals, families, and communities to cope with…

4 weeks ago

List of Universities Offering Religious Studies in Nigeria

Religious studies is an academic discipline that explores the beliefs, practices, and history of various…

4 weeks ago

List of Universities Offering Public Administration in Nigeria

Public administration is the field of study and practice that focuses on the organization and…

4 weeks ago