If technology increases, then
A. the demand curve will shift to the left.
B. the demand curve will shift to the right.
C. the supply curve will shift to the left.
D. the supply curve will shift to the right.
Answer: D
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If Dell Computer Company could produce more computers at lower long-run average cost by increasing the quantity of all the inputs it uses, Dell definitely would experience
A) decreasing marginal returns. B) diseconomies of scale. C) increasing marginal returns. D) economies of scale.
Opera Estate Girls' School is considering increasing its tuition to raise revenue. If the school believes that raising tuition will increase revenue it is assuming that the demand for attending the school is
A) perfectly elastic. B) unit elastic. C) inelastic. D) elastic.
The predominant form of household debt is
A) consumer installment debt. B) collateralized debt. C) unsecured debt. D) unrestricted debt.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Kate is considering whether to play the second game. If Kate only cares about the expected value of the outcome and does not care about risk, she should:
A. not play since she never wins anything. B. play if the cost of playing the game is greater than the expected value of the payoff. C. compare the cost of playing the game with the value of her time. D. play if the cost of playing the game is less than the expected value of the payoff.