Question

prices of related goods, technology, prices of inputs, expectations of sellers, and the number of sellers are all classified as nonprice of

Answer 1

Higher prices will lead to more products being supplied, whereas lower prices will lead to less products being supplied. A change in a non-price determinant of supply is the only factor that can affect whether a good's supply rises or falls.

The cost of the good or service is the determinant of supply that is the most evident. When all other factors are equal, a product's supply grows if its relative price is higher. It's easy to understand why. A business sells products or services to make money, and as prices grow, so do profits.

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