Which of the following explains why supply curves slope upward?

Name: Which of the following explains why supply curves slope upward?
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Question

Quizplus · Accepted Answer

Supply curves slope upward due to increasing marginal cost. As production increases, it becomes more expensive to produce each additional unit because resources become scarcer and/or less efficient. This results in a higher cost of production and therefore a higher price for the good or service.

Which of the Following Explains Why Supply Curves Slope Upward