Question

What will cause the supply of a product to increase? a A decrease in the number...

What will cause the supply of a product to increase?

a

A decrease in the number of suppliers.

b

An improvement in the technology of producing the product.

c

The expectation of producers that the future price will be higher.

d

An increase in the price of resources.
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Homework Answers

Answer #1

Answer: (b) An improvement in the technology of producing the product


An increase in supply can be caused by:
an increase in the number of producers. (So option is is false as it’s saying the opposite)
a decrease in the costs of production (such as higher prices for oil, labor, or other factors of production). (Thus option d is false)
weather (e.g., ideal weather may increase agricultural production)
Expectations that in the future market will get bad (hence option c is false; if future price will be higher then they will produce less now)
Technology (technical
Innovations etc.) (this option b is true)

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