12. Which of the following factors will NOT affect the supply of shoes? a. higher prices...

12. Which of the following factors will NOT affect the supply of shoes?

a.

higher prices for leather

b.

an increase in consumer income

c.

higher wages for shoe factory workers

d.

a technological improvement that reduces the waste of leather and other raw materials in shoe production

Expert Solution

Ans: an increase in consumer income

Explanation:

Supply of a good depends on the cost of production.

Higher price of leather leads to increase in cost of production of shoe. So, supply will decreases. It means higher price of leather will affect the supply of shoes. Thus, option [a] is not correct answer.

Increase in consumer income does not have any impact on cost of production. It will affect demand for a good. Thus, option [b] is correct answer.

Higher wages for shoe factory workers leads to increase in cost of production of shoe. So, supply will decreases. It means higher price of leather will affect the supply of shoes. Thus, option [c] is not correct answer.

Technological improvement that reduces the waste of leather and other raw materials in shoe production leads to decrease in cost of production of shoe. So, supply will increases. It means higher price of leather will affect the supply of shoes. Thus, option [d] is not correct answer.

Rahul Sunny answered 1 year ago

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