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JAMB Economics 1980 Question 48

Question 48

Theory of Supply

Which of the following is NOT a determinant of changes in supply?

  1. A.Changes in the cost of production
  2. B.Technical progress
  3. C.Weather
  4. D.Changes in the number of producers
  5. E.Changes in the number of buyers.
Show the answer and explanation

Answer: E (Changes in the number of buyers.)

Explanation

The number of buyers affects demand, not supply.