Question

When supply curve is upward sloping its slope is

Answer 1

Answer:

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Explanation:

The supply curve slopes upward, reflecting the higher price needed to cover the higher marginal cost of production. The higher marginal cost arises because of diminishing marginal returns to the variable factors.

Answer 2

Answer:

The supply curve slopes upward, reflecting the higher price needed to cover the higher marginal cost of production. The higher marginal cost arises because of diminishing marginal returns to the variable factors.

The supply curve is upward sloping because, over time, suppliers can choose how much of their goods to produce and later bring to marke