Supply curves slope upward because:
a. the quality is assumed to vary with price.
b. technology improves over time, increasing the ability of firms to produce more at each possible price.
c. increases in the price of a good lead to rightward shifts of the supply curve.
d. rising prides provide producers with the incentives needed to increase the quantity supplied.
d
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Between 1945 and 1950, federal expenditures
(a) dropped by two-fifths despite the Marshall Plan. (b) dropped by two-fifths because of dissipation of wartime expenditures. (c) increased by two-fifths because of increased spending in private consumer and business markets. (d) increased by two-fifths because of the Marshall Plan.
All points on the production possibilities curve represent efficient levels of production
a. True b. False Indicate whether the statement is true or false