Why does the supply curve slope upward
Explain the law of supply. Why does the supply curve slope upward?
Expert
As prices rise because of increased demand for a commodity, producers find it more and more profitable to increase the quantity they offer for sale whereas supply curve will slope upward from left to right. Clearly, firms would rather sell at a higher price than at a lower price. Furthermore, it is essential for firms to demand a higher price as they increase production. This comes about because as they produce more, they initiate to run up against capacity constraints and costs rise. As manufacturing increases firm will need to add an extra shift and then a third shift, mutually conceivably at higher wages. It may run out of warehouse space and have to rent at higher cost from another firm.
Illustrates how hard it is to define what is “American made” in today’s global economy?
Define the following terms?
Early in the 18th century, a leading industrialist responded to an advisor of King Louis IV of France, who asked how the crown could most excellent facilitate the world of commerce, along with “Laissez nous faire,” that im
Write down the external factors which influencing the capital structure?
The clearest illustration of economic inefficiency would be: (w) maintaining a warehouse full of pet rocks within hopes such that someday the fad will return. (x) pet rocks being unavailable to people willing to pay a price that exceeds the marginal s
Describe GDP gap and Okun’s Law?
Explain how Entrepreneurs are risk-takers?
Entrepreneurs: (w) undertake risky forms of production to gain uncertain profits. (x) obtain interest payments for their services. (y) are usually overcompensated for their innovations. (z) receive virtually all their wealth by inheritance.
Contrast a vertically integrated firm, a horizontally integrated firm, and a conglomerate?
18,76,764
1930577 Asked
3,689
Active Tutors
1443900
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!