A supply curve slopes upward because
a. as more is produced, total cost of production falls.
b. an increase in input prices increases supply.
c. the quantity supplied of most goods and services increases over time.
d. an increase in price gives producers an incentive to supply a larger quantity.
d
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The key prediction of the Solow model adapted to include technological change ________ been born out, i.e. with a few exceptions convergence ________ a reality
A) has not, is not B) has not, is C) has, is not D) has, is
Explicit costs:
A. are variable in the short run. B. are fixed in the short run. C. measure the opportunity costs of the resources supplied by the firm's owners. D. measure the payments made to the firm's factors of production.
Two receptionists work at Widget, Inc., one in the morning and one in the afternoon. They are an example of
a. job specialization b. job rotation c. job sharing d. none of the above
At an output of 64, MC = $31, ATC = $31, and MR = $32. At that output the firm is
A. maximizing its profits, but not operating at peak efficiency. B. maximizing its profits and operating at peak efficiency. C. operating at peak efficiency, but not maximizing its profits. D. neither operating at peak efficiency nor maximizing its profits.