What is technological change?
What will be an ideal response?
Technological change is the introduction of new methods of production or new products intended to increase the productivity of existing inputs or to raise marginal products.
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Labor (# of employees)Total Output0011025031104160520062307255827592901030011305Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the ninth worker?
A. 15 B. 5 C. 290 D. 10
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit, the firm should
A. produce more. B. produce less. C. keep output the same. D. shut down.
Jessie's demand schedule for candy bars indicates
A. How much she likes candy bars. B. Her opportunity cost of buying candy bars. C. How many candy bars she will actually buy. D. Why she likes candy bars.
The Federal Open Market Committee (FOMC) regulates markets and enforces antitrust laws to keep markets open and competitive.
Answer the following statement true (T) or false (F)