Introduction To Agriculture Economy

The correct answer is "Change in cost". The explanation for this is that the cost of production directly affects the supply of a product. If the cost of production increases, it becomes more expensive for producers to produce the product, leading to a decrease in supply. Conversely, if the cost of production decreases, it becomes more affordable to produce the product, leading to an increase in supply. Therefore, a change in cost is one of the factors that can affect the change in supply of a product.

As per the law of demand, there is an inverse relationship between the price of a commodity and the quantity demanded. When the price of a commodity decreases, consumers are more likely to purchase it as it becomes more affordable. This leads to an increase in the quantity demanded. Therefore, the lower the price, the greater the quantity that will be demanded.

Supply refers to the amount of a good or service that producers are willing and able to offer for sale at various prices during a specific period of time. It is determined by factors such as production costs, technology, and the number of producers in the market. As the price of a good increases, producers are generally willing to supply more of it, leading to an upward-sloping supply curve. Conversely, as the price decreases, the quantity supplied decreases. Therefore, the correct answer is Supply.

Price and availability are two economic factors that affect the willingness of consumers to purchase a particular product. Price refers to the cost of the product, and consumers are more likely to purchase a product if it is priced affordably. Availability refers to the ease with which consumers can access the product, and consumers are more likely to purchase a product if it is readily available to them. These two factors play a significant role in influencing consumer behavior and their decision to purchase a specific product.

Demand refers to the amount of a good that buyers are willing to purchase at different prices during a specific period. It represents the consumer's desire and ability to buy a particular product or service. The demand curve shows the relationship between price and quantity demanded, indicating that as the price of a product decreases, the quantity demanded increases, and vice versa. Therefore, the correct answer is "Demand."

When fixing the price of a commodity, sellers need to consider the total cost of buying the product and transporting the goods. This includes the cost of purchasing the commodity from suppliers and the expenses incurred in transporting it to the market. Additionally, sellers also need to have market intelligence regarding supply and demand. This means they need to be aware of the current market conditions, such as the availability of the product and the level of demand from consumers. By considering these factors, sellers can determine an appropriate price for their commodity that takes into account both their costs and the market conditions.

In a perfect market, the price of a product is determined through the interaction of the forces of supply and demand at a particular time. Supply refers to the quantity of a product that producers are willing to sell at a given price, while demand represents the quantity of a product that consumers are willing to buy at a given price. The equilibrium price is reached when the quantity supplied matches the quantity demanded, ensuring a balance in the market. Therefore, the correct answer is supply and demand.

The correct answer is supply and demand. Supply and demand is a fundamental concept in economics that explains how the availability of goods and services (supply) and the desire for those goods and services (demand) interact to determine prices and quantities in a market. This graph likely illustrates the relationship between the quantity of goods supplied and the quantity of goods demanded at different price levels, demonstrating the equilibrium point where supply and demand intersect. The graph may also show how changes in supply or demand can shift the equilibrium and impact prices and quantities in the market.

The shape of the marginal product curve is declining. This means that initially, as more input is added, the marginal product increases sharply, indicating increasing returns to scale. However, as the input continues to increase, the marginal product starts to decline, indicating diminishing returns to scale. This occurs because the additional input becomes less productive and cannot contribute as much to the overall output. Therefore, the marginal product curve shows a decline after reaching a maximum point.