What Does an Upward-Sloping Supply Curve Show

question 25

Multiple Choice

What does an upward-sloping supply curve show?

• A) Suppliers expand production as the product price falls.
• B) Suppliers are willing to increase production of their goods if they receive higher prices for them.
• C) Buyers are willing to pay more for particularly scarce products.
• D) Buyers are willing to buy more as the product price falls.

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Definitions:

Cognitive Dissonance

The psychological unease felt when an individual simultaneously possesses conflicting beliefs, ideas, or values.

Festinger

Festinger was a social psychologist known for cognitive dissonance theory, which explains the discomfort one feels when holding conflicting beliefs, attitudes, or values.

Attraction

A force that draws individuals together, leading to friendships, romantic relationships, or other forms of social interactions.

Altruistic Acts

Behaviors driven by a selfless concern for the well-being of others, without expectation of reward or benefit.