Assume that there is an improvement in the technology used by firms in a perfectly competitive industry that is initially in long-run equilibrium. In the short run this would cause:
A) an increase in the firm's economic profit.
B) a decrease in the firm's economic profit.
C) no change in the firm's economic profit.
D) cannot be determined with the information given.
A
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Which of the following increases labor productivity?
A) decreases in the availability of computers and factory buildings B) a decline in the health of the population C) inventions of new machinery, equipment, or software D) an increase in the aggregate hours of work
Which of the following is important if a country is going to achieve and sustain high rates of economic growth?
a. investment in physical and human capital b. improvements in technology c. institutional and policy arrangements consistent with economic efficiency d. All of the above.
Why might the market supply of workers increase when wages increase in a particular occupation or location?
What will be an ideal response?
Convergence refers to what phenomenon regarding growth theory?
What will be an ideal response?