Which of the following is NOT a factor determining supply?
Cost of production
Climatic condition or weather
Income of the producers
Number of producers
Technological development
Correct answer is C
Supply will be determined by factors such as
- price,
- the number of suppliers,
- the state of technology,
- government subsidies,
- weather conditions and
- the availability of workers to produce the good.
The income of the producer doesn't affect supply.