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.
Define the term Market Economy and also state its advantages and disadvantages?
What do you mean by Graphs?
Double coincidence of wants: This means that one person's wishing to buy and sell should coincide with another person’s wish to buy and sell.
How do you account for the dominant role of corporations in the U.S. economy?
Question: Monica has been considering buying a mountain bike. Last month Monica had an income of $30,000. The bike's price was $1000, the composite good price was $1, and she decided not to buy the bike. This month Monica was surprised t
Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan
Question: (a) Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
After agonizing regarding whether to buy a hot dog or a hamburger along with his last dollar while he goes to the fair, Jeeter at last chooses the hot dog. The hamburger shows Jeeter's: (i) normative choice, because it would be more nutritious. (ii) opportunity cost o
Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.
Question: Conduct an analysis on the following topic and prepare an Executive Summary-style report with supporting exhibits (Insightful Graphs, tables etc. from quality expert analyst references used to write the r
18,76,764
1960751 Asked
3,689
Active Tutors
1429287
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!