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Question

Which of the following are responsible for supply side cost of products
1. Change in production technology
2. Change in the cost of production
3. Taxes and subsidies
Which of the above statements are correct

A
1 only
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B
1 and 2
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C
1 and 3
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D
1,2 and 3
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Solution

The correct option is D 1,2 and 3
Supply side cost of products includes change in production technology, raw material, change in the cost of production, taxes and subsidies. If there is any change in any of them then the price of the finished good will change accordingly.

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