The Aggregate Supply Curve Slopes Upward Because Firms

question 23

Multiple Choice

The aggregate supply curve slopes upward because firms

• A)seek to maximize profits and output.
• B)normally can purchase inputs at fixed prices.
• C)employ technology, which is always fixed.
• D)purchase inputs whose prices rise as output rises.

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Definitions:

Crater

A typically bowl-shaped, steep-sided pit or depression, generally formed by a volcanic eruption or meteorite impact.

Volcanic Explosion

A volcanic explosion occurs when magma, gases, and rocks are violently expelled from a volcano, often with significant force and the potential for widespread impact.

Meteoroid Impact

The collision of a meteoroid (a small rocky or metallic body in outer space) with another celestial body, such as an asteroid, planet, or moon, causing a crater or larger-scale impacts.

Meteoroid Impact

Meteoroid impact refers to the collision of a meteoroid with another celestial body, such as Earth, resulting in the creation of impact craters and sometimes initiating geological changes.