Multiple Choice
The fundamental reason why most supply curves are upward sloping is that
A) consumers substitute lower-priced goods for higher-priced goods.
B) the quantity supplied increases as more firms enter the market.
C) a higher price never reduces quantity supplied by enough to lower total revenue and so higher production is motivated.
D) higher production raises the opportunity costs of production and so price must rise to induce more output.
Correct Answer:
Verified
Correct Answer:
Verified
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