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Price is the major determinant of supply. Nonprice determinants are:
- number of sellers or producers,
- costs of production (including taxes),
- technology (since it affects costs),
- prices of other goods (as sources of possible profits),
- expectations (but the effect is ambiguous).
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Returning to the employee supplying his/her hours of work, the willingness of the employee to accept a changing work schedule is likely to depend on the time devoted to other needs (such as leisure, family, hobbies or studies). Nevertheless, the major determinant will be the price or wage expected. |
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