Learn Before
Supply Curve
Explaining the Upward Slope of the Supply Curve
In your own words, explain the economic reasoning behind the typical upward slope of a supply curve for a good or service. Why do producers generally offer more of a product for sale as its price increases?
0
1
Tags
Social Science
Empirical Science
Science
Economy
CORE Econ
Economics
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Related
Constructing a Supply Curve from Willingness to Accept (WTA)
Linearity of Supply and Demand Curves as a Simplification
Market Supply as the Sum of Individual Firm Supplies
Three firms produce a specific type of widget. Firm X will offer 40 widgets for sale at any price of 11 or higher. Firm Z will offer 50 widgets for sale at any price of 12, what is the total quantity of widgets supplied to the market?
Market Supply for Handcrafted Mugs
For a market of a specific good, match each economic event with its direct effect on that good's market supply curve.
An improvement in the technology used to produce a specific good, which lowers the cost of production for all potential sellers, will cause a movement up and to the right along that good's existing market supply curve.
Interpreting a Market Supply Schedule
Explaining the Upward Slope of the Supply Curve
Consider a market with three individuals, each selling one identical used laptop. Seller 1 is willing to sell their laptop for 300 or more. Seller 3 is willing to sell theirs for $350 or more. Based on this information, arrange the following statements to correctly describe the total number of laptops supplied to the market as the price increases.
The total quantity of a good offered for sale by all producers in a market is represented by the market supply curve, which is derived by horizontally summing the individual ___________ of each producer.
Producer's Supply Decision
A market for a specific type of bicycle consists of only two producers: 'Cycle Corp' and 'Bike Inc.'. The table below shows the quantity of bicycles each firm is willing and able to sell at various prices.
Price Cycle Corp Quantity Supplied Bike Inc. Quantity Supplied $200 5 0 $300 15 8 $400 25 16 Which of the following tables correctly represents the market supply schedule for this type of bicycle?