Why does the supply curve slope upward? To answer this question, use the choices below to identify the characteristics of an upward- sloping supply curve. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s) click the option twice to empty the box Increasing opportunity costs Increasing marginal costs Diminishing marginal utility A decrease in resource prices An increase in resource prices Increasing labor productivity Price Per Unit $5 10 15 20 25 30 Quantity Demanded Per Quantity Supplied Per Year Year 2,000 1,880 300 1,600 600 1,400 900 1,200 1,200 1,000 1,500 Refer to the above table. A shortage of 2,000 units will occur when the price is 1
