An advance in technology in the production of good X causes
A) a rightward shift in the supply curve for good X.
B) a leftward shift in the supply curve for good X.
C) the supply curve for good X to change from upward sloping to vertical.
D) the supply curve for good X to change from vertical to upward sloping.
A
You might also like to view...
What is a private cost of production? What is an external cost of production? What is a social cost of production? When is the private cost of production equal to the social cost of production?
What will be an ideal response?
Since firms in both monopolistic competition and perfect competition earn zero economic profit, price must be equal to average cost for both types of firms.
Answer the following statement true (T) or false (F)
The phenomenon of scarcity stems from the fact that
a. most economies' production methods are not very good. b. in most economies, wealthy people consume disproportionate quantities of goods and services. c. governments restrict production of too many goods and services. d. resources are limited.
On the Lorenz curve, the vertical axis measures ______, and the horizontal axis measures ______.
a. cumulative percentage of income; cumulative percentage of households b. cumulative percentage of households; cumulative percentage of income c. cumulative national income; cumulative national debt d. cumulative national debt; cumulative national income