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JAMB Economics 2013 Question 14

Question 14

Theory of Supply

One of the major factors that brings about changes in supply is

  1. A.market discrimination.
  2. B.availability of storage facilities.
  3. C.the cost of storage.
  4. D.incentives granted to workers.
Show the answer and explanation

Answer: B (availability of storage facilities.)

Explanation

Where storage facilities exist, producers can hold back or release goods, so the quantity they offer for sale changes.