A decrease in the cost of production will shift the supply curve down and to the right.
Answer the following statement true (T) or false (F)
True
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Studies by the U.S. Census Bureau have shown that
A) there is significant income mobility in the U.S. over time. B) families remain below the poverty line for an average of five years. C) income mobility in the U.S. is minimal. D) over half the people below the poverty line never move out of poverty.
Miguel is a 20 year old college student who works part-time and earns an annual income of $12,000 . To smooth out his life cycle changes in income, Miguel can
a. save his earnings to use when he is middle-aged. b. lend money to a friend to purchase a new car. c. borrow money to pay for college, which he will later repay when his income rises. d. attempt to pay for college from his current earnings.
Refer to Figure 3. Ben has a comparative advantage in
a. cones and Jerry has a comparative advantage in ice cream.
b. ice cream and Jerry has a comparative advantage in cones.
c. neither good and Jerry has a comparative advantage in both goods.
d. both goods and Jerry has a comparative advantage in neither good.
An improvement in a firm's technology that improves productivity results in a(n):
A. leftward shift of the supply curve. B. upward movement along the supply curve. C. willingness to supply a larger quantity than before at any given price. D. downward movement along the supply curve.