Increasing marginal cost of production explains

Name: Increasing marginal cost of production explains
Brand: Quizplus
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Question

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Increasing marginal cost of production means that it becomes more expensive to produce each additional unit of output. As a result, firms will only be willing to produce more if they can receive a higher price for their product. This is reflected in the supply curve, which is upsloping because producers are willing to supply more at higher prices to cover their increasing costs of production.

Increasing Marginal Cost of Production Explains