Which of the following explains why supply curves slope upward?
A) prices and income
B) increasing marginal cost
C) resources and technology
D) substitutes in production and complements in production
B
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If the IS curve is negatively sloped and the LM curve is positively sloped
A) an increase in government expenditures will raise real GDP and lower interest rates. B) a fall in the real money supply will raise real GDP and lower the interest rate. C) an increase in taxes and an increase in money supply will lower the interest rate and give little or no change in real GDP. D) an increase in taxes and a fall in the money supply will raise the interest rate and give little or no change in real GDP.
The production possibilities frontier can be used to illustrate all of the following concepts, except one. Which is the exception?
a. productive inefficiency b. opportunity cost c. the law of demand d. scarcity e. the law of increasing opportunity costs
Personal income minus direct taxes is
a. disposable personal income b. net national income c. proprietors' income d. indirect business taxes e. savings income
Refer to the graphs shown. The arrow that best shows an increase in supply is:
A. W. B. X. C. Y. D. Z.