Most Critical Element when Considering Determinants of Supply
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Base on your discussion, what is the most critical element(determinant) when considering the determinants of supply? In other words, what determinant has the greatest influence on the economy?
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Solution Summary
The most critical elements when considering determinants of supply.
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generally speak, supply is influenced by the following factors
-price (the higher the price, the greater incentive to supply)
-cost of input (labor, raw material, energy, etc.)
-price of related goods (such as substitutes)
-technology
-government ...
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