which of the following reasons explains the upward sloping of supply curve in a competitive market?
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- A Ceteris paribus, marginal cost increase as output increases
- B As new firms enter the market, factor price moves up
- C Firms are in business to satisfy consumers
- D Marginal cost often increases in a competitive market
- E Firms are in business to produce goods
Correct Answer: Option A
Explanation:
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