Which of the following is the reason supply curves typically slope upward?
a. Opportunity cost of production increases as quantity supplied increases.
b. Supply increases as opportunity cost decreases.
c. Price increases as supply decreases.
d. Quantity supplied is unrelated to price.
e. The income and substitution effects of a price change.
A
You might also like to view...
Which of the following is true of a typical firm in a monopolistically competitive industry?
A) All firms have identical cost structures. B) Product differentiation allows a successful firm to emerge as a market leader in the industry. C) Each firm acts independently. D) The more successful firms have an incentive to merge in order to exert greater market power.
What term means an explosive and seemingly uncontrollable inflation in which money loses value rapidly and may even go out of use?
A) superinflation B) stagflation C) hyperinflation D) maginflation E) deflation