49 Which one of the following is not assumed to be constant

49) Which one of the following is not assumed to be constant when the supply curve for a product is drawn? A) price of the productB) number of producers C) state of technology D) price of inputs used to make the product

Solution

Answer is A. Price of product.

Explanation:

The Law of supply states that all other factors remain constant, the price change will change the supply in the same direction.

Hence, the price of product is not assumed to be constant as the supply change is based on the change in price.