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23 January, 12:59

Mention two factors that influence the supply of the product

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  1. 23 January, 14:37
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    Factors that influence the supply of the product:

    1) Price

    2) Technology

    Price is a direct relationship between the price of the product and its supply. There is a variation between the two if one way or another will increase in the present or in the future. If the fall of the price in the future there is an increase of supply in the market.

    Technology is one of the determinant of supply. A better and innovative advanced technology would increase the production of the product. Example: communication gadget which is more high technology, effective and convenient. There is a greater extent of the increase of supply gadgets in the market.
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