The Supply Curve for IPhones Is Upward-Sloping Because

question 141

Multiple Choice

The supply curve for iPhones is upward-sloping because

• A)when the price of an iPhone rises, it must be due to increased costs in producing iPhones, so producers must charge more.
• B)a higher iPhone price gives shoe producers incentive to produce more iPhones.
• C)iPhones are produced by only a few producers.
• D)iPhone producers always want to satisfy the demand for iPhones by consumers.
• E)as the price of an iPhone rises, per-unit costs of production fall.

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Definitions:

Utilitarianism

An ethical theory that determines right from wrong by focusing on outcomes and the greatest happiness for the greatest number of people.

Immunization Injections

Procedures involving the introduction of vaccines into the body to induce immunity against specific diseases.

Duty Ethics

An ethical framework that emphasizes the importance of following a set of prescribed moral rules and duties in determining right action.

Deontology

A branch of ethics that judges the morality of actions based on rules, rather than consequences.