Which of the following reasons explains the upward slopin...
Which of the following reasons explains the upward sloping of supply curve in a competitive market?
Ceteris paribus, marginal cost increase as output increases
As new firms enter the market, factor price moves up
Firms are in business to satisfy consumers
Marginal cost often increases in a competitive market
Firms are in business to produce goods
Correct answer is A
No explanation has been provided for this answer.
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