Question:
Why do Supply Curves slope Upwards?
Author: eric_galvaoAnswer:
-Ceteris Paribus, Producers and Sellers want to Maximise their Profits, and so, the Higher the Price, the Higher the Profit -So Therefore Higher Profit gives an Incentive to expand Production and Increase Supply. That's why Quantity Supplied Increases as Price Increases [More than the Cost of Supplying More]
0 / 5 Â (0 ratings)
1 answer(s) in total