A productivity-enhancing innovation has the effect of
A. shifting a demand curve to the right.
B. shifting a supply curve to the right.
C. shifting a demand curve to the left.
D. shifting a supply curve to the left.
Answer: B
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The profits of business firms, defined as the difference between total revenue and total cost, are not zero because
A) capitalists have a near monopoly over the means of production. B) information is a scarce good. C) the government defines some opportunity costs as revenue in order to increase tax receipts. D) there would be no investment if firms did not earn positive profits.
In the above figure, which point represents an attainable but inefficient production point?
A) point C B) point N C) point L D) point D
Perfectly inelastic demand curves are vertical
a. True b. False Indicate whether the statement is true or false
.If inventory investment during a year was negative $6 billion, producers must have
What will be an ideal response?