Which of the following factors is not a condition for a change in the supply of a commodity
Answer Details
The price of the commodity is not a condition for a change in the supply of a commodity. The price of a commodity is a reflection of the supply and demand for that commodity, and a change in price will cause a shift in either the supply or the demand curve. However, a change in price is not a factor that directly causes a change in the supply of a commodity.
Improved technology, cost of production, and government tax policies are all factors that can influence the supply of a commodity. Improved technology can make it easier and more efficient to produce a commodity, leading to an increase in supply. The cost of production includes the cost of labor, raw materials, and other inputs that are used to produce a commodity. If the cost of production increases, the supply of the commodity may decrease. Government tax policies can also impact the supply of a commodity by changing the incentives for producers to supply the commodity. For example, a tax on a commodity may increase the cost of production, leading to a decrease in supply.