Price on the Y-axis is the price consumer is ready to pay for a certain good. As the market price increases, it is more profitable for a company to produce higher quantities. This price should not be confused with the cost price. Cost price typically goes down as the quantities go up due to economies of scale.
The supply curve for labor is upward sloping because as prices rise more of the products become available. People buy less products when they see inflation occurring which leads to more of a supply.
The firm's supply curve generally is positively-sloped due to the law of supply, which states that as production increases, so does price. Mathematically, this relationship is a function of marginal cost, which is variable based on the type of good and market. However, more often than not, goods have increasing marginal costs as more units are produced, spiking price as more quickly as production approaches larger values.
The labour supply curve is upward sloping because labourers provide more labour as wages increase, not as wages fall.
Because no matter what if something costs more there will be more available. So the high end is farther out and the low end will be close to the origin.
Because for a normal good, as price increases, demand decreases as consumers will look for a substitute good or decide that the good is not worth the money.
upward
upward
fact that price and quantity supplied are inversely related
there are three reasons why the SRAS curve is upward sloping Sticky wages theory Sticky Price Theory misperception theory
Actually, supply curve slops upward 9a positive slope). This is due to the fact that as price rises, suppliers would see more benefit in producing these goods (as being able to make more profit).
upward
upward
fact that price and quantity supplied are inversely related
there are three reasons why the SRAS curve is upward sloping Sticky wages theory Sticky Price Theory misperception theory
Actually, supply curve slops upward 9a positive slope). This is due to the fact that as price rises, suppliers would see more benefit in producing these goods (as being able to make more profit).
Supply curves do not always slope from left to right. A supply curve can slope from the right and when this happens this means that there is a surplus of goods at a lower price.
upward and to the right
The three characteristics of a supply curve are the slope, shift, and the curve's position. Together they help determine supply and demand trends.
supplycurve is negative slope in decreasing cost industry
1. consumers buy goods that are less expensive
The general law of diminishing returns partially accounts for the upward slope of supply curves for individual firms and for market supply curves. Additional production eventually becomes ever more costly as output levels grow. Thus, firms may require higher prices to justify expanding their outputs. Moreover, higher prices embody greater incentives for firms to produce more output because profit opportunities are enhanced. A similar logic applies for the economy as a whole.
Rising Marginal Costs