A Supply Curve That Is Upward Sloping Means That

question 18

Multiple Choice

A supply curve that is upward sloping means that:

• A) demand is being ignored.
• B) consumers will buy less at lower prices.
• C) suppliers will want to sell more at higher prices.
• D) suppliers will want to sell less at higher prices.

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Definitions:

E-Mail

Allows information to be sent electronically through a system that delivers the message immediately to any number of recipients.

Markup

The dollar amount added to the product cost to determine its selling price.

Product Cost

The total expense incurred to produce and deliver a product to the market, including raw materials, labor, and overhead costs.

Selling Price

The amount of money for which a product or service is sold to the customer.