Question on: WAEC Economics - 2017
increase in the supply of a product can be caused by?
A
change and taste and fashion of consumers
B
increase in the income of consumers
C
a fall in the cost of production
D
increase in the price of a product
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Correct Option: C
AnĀ increase in supplyĀ is illustrated by a shift of theĀ supplyĀ curve to the right. AnĀ increase in supplyĀ can be caused by: anĀ increaseĀ in the number of producers. a decrease in the costs of production (such as higher prices for oil, labor, or other factors of production).
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