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An upward sloping supply curve shows that: a
An upward sloping supply curve shows that:
a. supply increases when price rises
b. supply declines when input prices fall
c. quantity supplied rises when prices rise, ceteris paribus
d. quantity supplied rises when prices fall, ceteris paribus
Expert Solution
Thus, an upward sloping supply curve shows that the quantity supplied rises when prices rise, ceteris paribus. The answer is c.
Note that when supply increases, the supply curve shifts to the right.
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