23 A supply curve slopes upward becme as more is produced, total cost of prodact
ID: 1142359 • Letter: 2
Question
23 A supply curve slopes upward becme as more is produced, total cost of prodaction falls b an increase in input prices increses suply c the quantity supplied of mod goods and services increases over time d an increase in price gives prodacers an incentive to supply a eg qumstity 4 An incrense im supply is represented bya a movemenrdowaward and to the left along a supply curve b movement upwand and to the right along a supply curve c. rightward shift of a supply curve d leftward shuft of a supply curve 25 The unique pount at which the supply and demand curves interect is called a markeet harmoay
Explanation / Answer
23. The supply curve slopes upward because there is a positive relationship between price and quantity supplied. With increase in price, quantity supplied increases and quantity supplied decreases when price decreases. In short, supply curve slopes upward because an increase in price gives producers an incentive to supply a large quantity.
Answer-option D
24. An increase in supply is represented by rightward shift of supply curve. When quantity supplied (not supply) changes, then there will be a movement along the supply curve.
Answer- option C
25. The unique point at which the supply and demand curves intersect is called equilibrium.
Answer-option D
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