Asked by Taylor Lopez on Jul 21, 2024
Verified
If a higher price means a greater quantity supplied, then the supply curve slopes upward.
Supply Curve
A graphical representation that shows the relationship between the price of a good and the quantity supplied, illustrating how changes in price influence supplier behaviour.
- Understand the concepts of the law of supply and how it reflects on the supply curve.
Verified Answer
AT
Ateerin TolbertJul 24, 2024
Final Answer :
True
Explanation :
This is because an upward sloping supply curve represents the law of supply, which states that as the price of an item goes up, suppliers are willing to produce more of it, hence a greater quantity supplied at higher prices.
Learning Objectives
- Understand the concepts of the law of supply and how it reflects on the supply curve.