A supply curve that is upward sloping means that

Question

BlackTom AI · Accepted Answer

When analyzing what an upward-sloping supply curve implies, we consider how quantity supplied responds to price changes.
Option a: 'sellers are not obeying the law of supply.' This is incorrect. The law of supply states that, all else equal, higher prices lead to higher quantity supplied, not that sellers must ignore it. An upward slope is consistent with the law, not a violation.
Option b: 'suppliers will want to sell more at higher prices.' This is correct. An upward-sloping supply curve reflects that as price rises, the opportunity to earn more from selling each unit makes producers willing to supply more.
Option c: 'demand is being ignored.' This is a misinterpretation. The supply curve shows producers' behavior in response to price, not consumer demand directly; ignoring demand is not implied by the slope itself.
Option d: 'consumers will buy less at lower prices.' This describes a potential outcome in demand, not a characteristic of the supply curve. The slope of supply relates to producers’ behavior, not buyers’ purchases.
Option e: 'suppliers will want to sell less at higher prices.' This contradicts the fundamental idea of an upward sloping supply curve, which indicates more being supplied as price increases, not less.
In summary, the only statement that aligns with the meaning of an upward-sloping supply curve is that higher prices incentivize suppliers to increase the quantity they are willing to sell.

Academic Courses Test#1

A supply curve that is upward sloping means that

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