A supply curve slopes upwards because a. the quantity supplied in insensitive to price b. an increase in price brings the quantity sold down to zero c. the higher the price the higher the quantity that the sellers are willing to supply d. the higher the price the lower the quantity that the sellers are willing to supply

Question

Izabella Baxter

Business

20 September, 02:14

A supply curve slopes upwards because a. the quantity supplied in insensitive to price b. an increase in price brings the quantity sold down to zero c. the higher the price the higher the quantity that the sellers are willing to supply d. the higher the price the lower the quantity that the sellers are willing to supply

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Answers (1)

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Payne · Answer 1

The correct answer is the option C: the higher the price the higher the quantity that the sellers are willing to supply.

Explanation:

To begin with, to understand why the supply curve slopes upwards we need to understand that there is a direct relationship between the quantity that the suppliers are willing to sell and tha price of the product offered and therefore that when the price increases the amount that the suppliers will be willing to offer will increase due to that direct relationship and that is reason why the supply curve slopes upwards.