The Supply Curve Slopes Up and to the Right Because

question 164

Multiple Choice

The supply curve slopes up and to the right because:

• A) due to constant opportunity costs,producers feel that people will buy more if they charge a higher price.
• B) due to efficiencies,producers feel that people will buy more if they charge a higher price.
• C) due to increasing opportunity costs,producers must charge more to produce more in order to cover their costs.
• D) The supply curve actually slopes down and to the right.

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Definitions:

Market Penetration

A measure of the extent to which a product or service is recognized and purchased by customers within a specific market.

Product Development

The creation of new or improved products or services to meet market demands, involving design, development, and marketing stages.

Strategic Decision

A significant choice made by top management that influences the direction and performance of an organization.

Marketing Strategy

A comprehensive plan formulated by a business to achieve specific goals through the creation, delivery, and communication of value to its customers.