The supply curve for iPhones is upward-sloping because
A)when the price of an iPhone rises, it must be due to increased costs in producing iPhones, so producers must charge more.
B)a higher iPhone price gives shoe producers incentive to produce more iPhones.
C)iPhones are produced by only a few producers.
D)iPhone producers always want to satisfy the demand for iPhones by consumers.
E)as the price of an iPhone rises, per-unit costs of production fall.

Question

Quizplus · Accepted Answer

A higher price provides an incentive for producers to supply more because they can achieve higher revenues and potentially higher profits.

The Supply Curve for IPhones Is Upward-Sloping Because