Ultimately, short-run supply curves are upward sloping because of
a. the irrelevance of fixed costs to the firm's decision making.
b. the factor-price effect.
c. diminishing marginal returns to the variable inputs.
d. the equality of demand and marginal revenue for competitive firms.
c. diminishing marginal returns to the variable inputs.
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What features made England in the eighteenth century the place where the Industrial Revolution occurred?
What will be an ideal response?
When the dollar appreciates, the cost to Americans of foreign goods
a. rises and the CPI falls. b. rises and the CPI rises. c. falls and the CPI rises. d. falls and the CPI falls.
If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?
a. Price will rise and quantity will fall. b. Price and quantity will both rise. c. Price and quantity will both fall. d. Price will fall and quantity will rise.
Which of the following is an example of a pure public good?
A. An automobile B. A mall C. A teddy bear D. An army