Which of the following is a determinant of supply?
The price of a substitute in consumption
The price of a complement in consumption
The price of a substitute in production
Consumers expectations
number 1) the price of a substitute in production
number 2) Local government increases the taxes that are levied on firms.
number 3) a shift of the supply curve for apple juice to the left
number 4) At any given price, the quantity supplied of private education will increase.
number 5) it is impossible to tell.
i just took the Determinants of Supply Quick Check unit 3 lesson 6
hope it helps.
thank you lil ynw melly 🙌 100%
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@lil ynw melly Thank you these were all correct...
To determine which of the options is a determinant of supply, we need to understand what determines supply. Supply refers to the quantity of a good or service that producers are willing and able to sell at different prices in a given time period, holding all other factors constant.
Determinants of supply include:
1. Resource prices: The cost of inputs, such as labor, raw materials, and machinery, affects the supply of a product. If resource prices increase, the cost of production goes up, reducing the supply.
2. Technology: Technological advancements can increase production efficiency, reducing costs and increasing supply.
3. Taxes and subsidies: Government taxes and subsidies affect the cost of production. Higher taxes decrease supply, while subsidies increase it.
4. Prices of related goods in production: The prices of substitutes in production can affect supply. For example, if the price of a substitute in production decreases, producers may switch to producing that substitute, reducing the supply of the original product.
Based on these factors, the only option among the given choices that is a determinant of supply is "The price of a substitute in production." The other options, such as the price of a substitute in consumption, the price of a complement in consumption, and consumer expectations, are determinants of demand rather than supply.