The Reason Why the Short-Run Supply Curve Is Upward-Sloping Is

question 114

Multiple Choice

The reason why the short-run supply curve is upward-sloping is

• A) that suppliers are greedy.
• B) that consumers are willing to pay more when they consume more.
• C) the law of demand.
• D) the law of diminishing marginal utility.
• E) the law of diminishing marginal returns.

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Definitions:

Society for the Propagation

A historical organization perhaps referring to the Society for the Propagation of the Gospel in Foreign Parts (SPG), an Anglican missionary organization active in the British colonies.

Gospel

is a genre of Christian music that is expressive of the Christian faith and derived from evangelical hymns.

Piracy

refers to the act of robbery or criminal violence by ship or boat-borne attackers upon another ship or a coastal area, typically with the goal of stealing cargo and other valuable items.