The Underlying Reason for the Upward Sloping Nature of the Supply

question 38

Multiple Choice

The underlying reason for the upward sloping nature of the supply curve is that

• A)the production of most goods comes with increasing marginal benefits.
• B)the production of most goods comes with increasing marginal costs.
• C)the consumption of most goods comes with decreasing marginal utility.
• D)the consumption of most goods comes with increasing marginal utility.

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Definitions:

Jefferson

Thomas Jefferson, a Founding Father of the United States, the principal author of the Declaration of Independence, and the third president of the United States.

Agricultural

Relating to farming or agriculture; the science, art, and business of cultivating soil, producing crops, and raising livestock.

Yeoman Farmers

Independent farmers who owned their own land, typically working it with family labor.