Asked by
Bhumani Mangar
on Nov 25, 2024
Verified
Increasing marginal cost of production explains
A) the law of demand.
B) the income effect.
C) why the supply curve is upsloping.
D) why the demand curve is downsloping.
Marginal Cost
The amount spent to manufacture one more unit of a product or service.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.
Upsloping
A description for a curve or a line on a graph that shows a positive relationship between two variables, indicating that as one variable increases, the other also increases.
- Comprehend the supply curve and its correlation with price and the amount of goods supplied.
- Determine the elements that lead to movements in the supply curve.
Verified Answer
JV
Learning Objectives
- Comprehend the supply curve and its correlation with price and the amount of goods supplied.
- Determine the elements that lead to movements in the supply curve.