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extrl83 extrl83
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2 months ago

The fundamental reason why most supply curves are upward sloping is that



▸

consumers substitute lower-priced goods for higher-priced goods.



▸

the quantity supplied increases as more firms enter the market.



▸

a higher price never reduces quantity supplied by enough to lower total revenue and so higher production is motivated.



▸

higher production raises the opportunity costs of production and so price must rise to induce more output.

Textbook 
Economics

Economics


Edition: 12th
Author:
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DratiniDratini
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2 months ago
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higher production raises the opportunity costs of production and so price must rise to induce more output.
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extrl83 Author
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2 months ago
Helped a lot
mkyoungs
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Yesterday
This helped my grade so much Perfect
Jodias
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2 hours ago
Smart ... Thanks!
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