Why Is the AS Curve Upward-Sloping

question 18

Multiple Choice

Why is the AS curve upward-sloping?

• A)Because,since nominal wages increase when production rises,then so too must the price level.
• B)A higher price means higher total profits and therefore firms will produce more.
• C)Higher prices mean higher real wages and therefore firms must produce more to in order to maintain profit levels.
• D)Higher prices increase the demand and therefore the quantity supplied must also increase.

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