Identify the determinants of supply and demand

Economics Dec 08, 2020

Identify the determinants of supply and demand.

Expert Solution

The various determinants of supply and demand are as follows. First, the determinants of supply include (1) cost of materials and labor, (2) presence of competitors, and (3) availability and sophistication of technology. Second, the determinants of demand include (1) consumer preference, (2) ability of consumers to purchase goods (i.e. consumer income), and (3) the amount of consumers interested in buying a product.

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