What are the factors that effect the supply of a product?
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Answers ( 2 )
Some of the factors that influence the supply of a product are described as follows:
i. Price:
ii. Cost of Production:
iii. Natural Conditions:
iv. Technology:
v. Transport Conditions:
vi. Factor Prices and their Availability:
vii. Government’s Policies:
viii. Prices of Related Goods:
Stock of a product refers to quantity of a product available in the market for sale within a specified point of time. Both stock and market price of a product affect its supply to a greater extent. If the market price is more than the cost price, the seller would increase the supply of a product in the market.