Author Question: In general, supply curves slope upward because: a. increases in the price of a good result in lower ... (Read 86 times)

cdr_15 · **on:** Jun 30, 2018

In general, supply curves slope upward because:
a. increases in the price of a good result in lower opportunity costs.
b. rising prices provide producers with a greater profit incentive.
c. consumers buy a greater quantity.
d. technology improves the ability of firms to produce more at each possible price.

Question 2

Which of the following states the definition of supply?
a. More of a good is supplied at a lower price.
b. There is a positive relationship between the price of a good and the quantity that buyers purchase.
c. There is a positive relationship between the price of a good and the quantity offered for sale by suppliers.
d. There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.