Supply Curves Are Upward Sloping Because of

question 4

Multiple Choice

Supply curves are upward sloping because of

• A)Law of increasing marginal cost
• B)Law of diminishing marginal cost
• C)Law of increasing marginal returns
• D)Law of diminishing marginal returns

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Definitions:

Sailboats

Wind-powered boats used for recreation, sport, or transportation, showcasing a blend of traditional and modern navigational technology.

Surfboards

Long, narrow boards used for riding waves in the sport of surfing.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Production Possibility Frontier

A graph that shows the highest production potential for two different products based on specific resources and factors.