3. In most cases, a supply curve has a shape that we call "upward sloping". This means that it looks like a diagonal line going from the bottom left to the top right of a market graph. Why does supply usually have this shape? Explain in your own words. Make sure to include the concept of marginal cost in your explanation.

3. In most cases, a supply curve has a shape that we call "upward sloping". This means that it looks like a diagonal line going from the bottom left to the top right of a market graph. Why does supply usually have this shape? Explain in your own words. Make sure to include the concept of marginal cost in your explanation.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 20P

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