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Word Count: 920
Most people that are common shoppers have encountered a situation where the product that they were seeking to buy was not available It is very easy to see that certain products do have an ample supply due to many reasons Other than the price of that product there are six major non-determinate factors of supply These factors are Number of Sellers Technology Resource Prices Taxes and Subsides Expectations of Producers and Price of other goods the Firm could Produce With these factors and the demand of the product the supply of a product can be determined and a price can be set The number of sellers can be one of the most determining factors of the supply of a product The concept is very easy to understand If there are more sellers that is more stores and manufactures there will be a larger amount of supply of a certain product On the other hand if there are a small number of sellers then there will be little supply of the product When considering the price of a product if there are more sellers then there will be more competition therefore the price will be at a low cost for the buyers The sellers will not make a large profit Moreover when there is a small amount of sellers then the price can be higher for the buyers This means the sellers will make a larger amount of profit For example there are more sellers for a Toyota Carmry then there are for Dodge Vipers This world has experienced a huge technological advancement Our knowledge in inventing new technologies has allowed us to become more efficient in the production of products Also we have been able to develop many new and better products for the buyers Technology can do two things to the supply of a product First it can drive the price down due to more production of a certain product With technology
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