Supply curves generally slope upward because of all of the following reasons except one. Which is the exception?
a. Producers are willing to offer more of a good at higher prices.
b. A higher price attracts resources from less-valued uses.
c. Producers must be compensated for the rising opportunity cost of additional output.
d. Producers have a greater incentive to sell more as the price increases.
e. The price of a good usually must fall to induce an increase in quantity supplied.
E
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If the _______ differ between two countries, this suggests the possibility for mutually advantageous trade.
A) opportunity costs B) marginal costs C) absolute costs D) fixed costs
In the above figure, if the price level is 110
A. total expenditures exceed total planned expenditures. B. total planned production equals total expenditures. C. total planned production exceeds total expenditures. D. total planned production is less than total expenditures.
Consumers can spend their entire personal income.
Answer the following statement true (T) or false (F)
Supply factors:
What will be an ideal response?