An Upward-Sloping Supply Curve Implies That

question 132

Multiple Choice

An upward-sloping supply curve implies that:

• A) quantity supplied increases when price decreases.
• B) quantity supplied increases when price increases.
• C) the law of supply is invalid.
• D) there is no relationship between price and quantity supplied.

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Definitions:

Physical Change

A change in which the form of matter is altered but one substance is not transformed into another.

Chemical Identity

The unique combination of chemical properties and composition that precisely identifies a substance.

State of Matter

A distinct form that different phases of matter take on, traditionally classified as solid, liquid, gas, and plasma.

Chemical Change

A process that involves the reorganization of the atoms in one or more substances, resulting in the formation of new products with different properties.