ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The supply curve is
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downward sloping
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upward sloping
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level
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irregular
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Explanation:
Detailed explanation-1: -The supply curve is upward sloping because as price increases, suppliers can justify producing at higher marginal costs as long as MC < P. Q.
Detailed explanation-2: -Answer and Explanation: Thus, an upward sloping supply curve shows that the quantity supplied rises when prices rise, ceteris paribus.
Detailed explanation-3: -The supply curve is upward sloping because, over time, suppliers can choose how much of their goods to produce and later bring to market.
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