Which factor is NOT a component of the law of supply?

The law of supply primarily relates to the relationship between the quantity of a good that producers are willing to sell and the price of that good. According to this law, as the price of a good increases, the quantity supplied also increases, and conversely, as the price decreases, the quantity supplied decreases.

The factor that is not a component of the law of supply is consumer preferences. While consumer preferences certainly influence demand and can affect market dynamics, they do not directly impact the relationship between the price of a good and the quantity supplied by producers.

In contrast, the price of the good and quantity supplied are fundamental components of the law of supply. Seller expectations also relate to supply by influencing production decisions based on anticipated future prices or market conditions. However, consumer preferences focus solely on the demand side of the market, distinguishing it from the principles laid out in the law of supply.