A supply curve slopes upward because
a. as more is produced, total cost of production falls
b. many firms will experience increases in their costs of production as their output rises so they need a higher price in order to induce them to produce more output.
c. the higher the price per unit, the greater the profitability generated by supplying more of that good.
d. both (b) and (c).
d
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Firms hire more labor as long as
A) the real wage rate is greater than the additional output the labor produces. B) extra labor will produce more output. C) the real wage rate is less than the additional output the labor produces. D) the nominal wage rate exceeds the real wage rate. E) the nominal wage rate is less than the real wage rate.
An increase in the money supply will cause which of the following to occur?
A) a rightward shift of the aggregate supply curve B) a leftward shift of the aggregate demand curve C) a leftward shift of the aggregate supply curve D) a rightward shift of the aggregate demand curve
Using the data in the table above, the equilibrium quantity and equilibrium price for a stapler is
A) 10,000 and $8. B) 90,000 and $8. C) 100,000 and $5. D) 70,000 and $6. E) 60,000 and $5.
Shaina and Mariah have a business that provides personal fitness training services. They know that after raising their prices from $100 to $150 per hour, the quantity of hours they spent delivering training services fell from 45 to 40 hours per week. The demand for their services is:
a. elastic, with a price elasticity coefficient greater than one. b. elastic, with a price elasticity coefficient less than one. c. inelastic, with a price elasticity coefficient greater than one. d. inelastic, with a price elasticity coefficient less than one.