Which of the following terms describes factors like taxes, technology, and sellers' expectations?

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Boost your EPF exam prep. Study with flashcards and multiple choice questions on supply and demand concepts. Clarify key ideas with explanations to excel in your test!

The term that describes factors such as taxes, technology, and sellers' expectations is accurately identified as supply shifters. These elements play a crucial role in influencing the supply side of the market by altering the quantity of goods that producers are willing and able to sell at various prices.

Supply shifters can either increase or decrease supply. For instance, advancements in technology can make production more efficient, allowing suppliers to produce more at lower costs, thereby shifting the supply curve to the right. Conversely, higher taxes can increase production costs for sellers, which may lead to a decrease in supply, shifting the curve to the left. Sellers' expectations about future prices can also impact their current supply decisions—if sellers expect prices to rise, they might withhold some supply now to sell more later at the higher price.

Understanding these factors is essential for analyzing market behavior and predicting how changes in these areas might affect the overall supply of goods in the marketplace. Other terms in the question either refer to different economic concepts or do not specifically highlight the impacting factors on supply.

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