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JAMB Economics 2008 Question 17

Question 17

Theory of Supply

One of the factors affecting the supply of manufactured goods is

  1. A.weather
  2. B.technology
  3. C.consumer tastes
  4. D.availability of inputs
Show the answer and explanation

Answer: B (technology)

Explanation

Better technology lowers production costs, so firms can supply more manufactured goods at each price.