Most people that are common shoppers have encountered a situation where the product that they were seeking to buy was not available. It is very easy to see that certain products do have an ample supply due to many reasons. Other than the price of that product, there are six major non-determinate factors of supply. These factors are: Number of Sellers, Technology, Resource Prices, Taxes and Subsides, Expectations of Producers, and Price of other goods the Firm could Produce. With these factors and the demand of the product, the supply of a product can be determined, and a price can be set. The number of sellers can be one of the most determining factors of the supply of a product. The concept is very easy to understand. If there are more sellers, that is more stores and manufactures, there will be a larger amount of supply of a certain product. On the other hand, if there ar....

Number Of Pages: 3

Number Of Words: 690

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