The Supply Curve of a Good Slopes Upward to the Right

question 56

Multiple Choice

The supply curve of a good slopes upward to the right because of

• A)the law of demand.
• B)the existence of substitutes in production.
• C)the fact that prices tend to rise over time.
• D)increasing marginal cost as production increases.
• E)technological improvements over time.

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Definitions:

Strategic Roles

Positions or responsibilities within an organization focused on developing long-term objectives and ensuring the alignment of operations with overall mission and goals.

Administrative Budget

A budget focusing on non-production expenses which includes costs related to running a business such as administrative salaries and office supplies.

Supply Function

The relationship between the price of a good and the quantity supplied, typically showing a positive correlation.

Expenses

Costs incurred in the course of business operations or activities, including operational costs, salaries, and utilities.