Market supply is the quantity of a good or service that producers are willing and able to offer for sale at a given price in a given time period. Technological progress is not a determinant of market supply as it makes production more efficient and cost-effective.

Market supply is the quantity of a good or service that producers are willing and able to offer for sale at a given price in a given time period. Some common determinants of market supply include the price of inputs, such as raw materials or labor, changes in excise duty or taxes, and changes in the production process or technology. Short questions on market supply can test students’ understanding of how market supply works. By reviewing concepts and practicing with sample questions, students can become more comfortable and proficient with answering market supply questions.

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