Which explains why supply curves slope upward to the right?
A) Sunk costs
B) Decreasing average costs
C) Increasing marginal costs
D) Multiple per-unit costs
C
You might also like to view...
If real GDP exceeded potential real GDP and inflation was increasing, which of the following would be an appropriate fiscal policy?
A) an increase in oil prices B) an increase in taxes C) an increase in government spending D) a decrease in the money supply and an increase in the interest rate
An individual consumes only hamburgers and milkshakes. The last hamburger consumed yields 25 utils of satisfaction, while the last milkshake consumed yields 10 utils of satisfaction. If the price of a hamburger is $2.50 and the price of a milkshake is $1.50, we can conclude that: a. the consumer should consume more hamburgers and fewer milkshakes. b. the consumer should consume more milkshakes
and fewer hamburgers. c. the consumer has achieved consumer equilibrium. d. the consumer should buy only milkshakes.