Question : A firm’s supply curve is on an upward slope because:- A: The production costs of additional units of output will rise beyond a point B: Consumers see a positive relationship between price and quality C: Expansion of production leads to the use of inferior inputs
Option 1: A only
Option 2: C only
Option 3: B only
Option 4: A, B and C all
Correct Answer: C only
Solution : The perception that the marginal benefit of producing the good has increased is what causes the supply curve's upward slope - in other words, the higher price required to cover the higher marginal cost of production slopes the curve upward. Expansion of production leads to the use of inferior inputs. Hence c is the correct answer
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