The Supply Curve Is Upward-Sloping (I

question 142

Multiple Choice

The supply curve is upward-sloping (i.e. ,it takes a higher price to induce greater production) because of

• A)Increasing total costs.
• B)Increasing fixed costs.
• C)Increasing marginal costs.
• D)The decreasing skill level of additional workers.

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Definitions:

Fertility Drugs

Medications that stimulate egg production and are used to treat infertility in women aiming to assist in conceiving.

Fetuses

A developing human from roughly eight weeks after conception until the time of birth.

Merchandise Inventory

Goods and products a company holds for the purpose of resale in the ordinary course of business.

Income Summary

An account to which the revenues and expenses are transferred at the end of an accounting period to calculate the net income or loss for the period before transferring this balance to owner's equity.