Question on: WAEC Economics - 2015
The market supply curve slopes upward from left to right indicating that?
A
producers pay high taxes
B
two commodities can be supplied at the same time
C
at a lower price, less is supplied
D
at a lower price, more is supplied and demanded
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Correct Option: C
In most cases, the supply curve is drawn as a slope rising upward from left to right, since product price and quantity supplied are directly related (i.e., as the price of a commodity increases in the market, the amount supplied increases, and at a lower price, supply decreases).
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