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.
“In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” Among these 2 statements used correctly which in the terms “supply&rdq
Briefly explain the term Earnings per share (or EPS)?
How did producers decide on the best combinations of resources to use? Who made these resources available, and why?
Explain this statement: “If resources were unlimited and freely available, there would be no subject called economics.”
Illustrate Measuring unemployment?
Question: The Theory of Purchasing Power Parity says that, in the long run, nominal exchange rates change to offset changes in relative i. _________________________ so that the purchasing power of two currencies st
Economic efficiency needs that, relative to the other goods which different individuals might consume, the people who value exact goods relatively the most should own and/or use all goods. Such principle is termed as: (i) economic equity. (ii) allocat
Suppose that, based on a nation’s production possibilities curve, for 10,000 pizzas domestically an economy must sacrifice to get the one additional industrial robot it desires, but can get that robot from another country in exchange for 9,000 pizzas. To the fol
Give a brief introduction of the term Cost of retained earnings?
Adam Smith must have emphasized more strongly how his Wealth of Nations drew concepts and inspiration by Richard Cantillon’s Essai. Now today’s perspective that the Wealth of Nations would considered even
18,76,764
1948498 Asked
3,689
Active Tutors
1437120
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!