For a perfectly competitive industry, a decline in technology will cause
A. a movement up the short-run industry supply curve.
B. the industry short-run supply curve to shift to the left.
C. a movement down the short-run industry supply curve.
D. the industry short-run supply curve to shift to the right.
Answer: B
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The total amount of consumption of a society can be increased if
A. firms allow each worker to perform multiple tasks. B. resources are allocated by a central planning group. C. individuals engage in specialization and voluntary trade. D. barter exchange is used in place of money.
A public authority that provides banking services to commercial banks and regulates financial institutions and markets is called a
A) commercial bank. B) thrift institution. C) central bank. D) money market fund. E) mint.
The production possibilities frontier model assumes which of the following?
A) Production of any level of the two products that the economy produces is currently possible. B) Labor, capital, land, and natural resources are unlimited in quantity. C) The economy produces only two products. D) The level of technology is variable.
The negative impact of the loss of value of collateralized assets is due to
A) asymmetric information. B) Ricardian Equivalence. C) limited commitment. D) financial intermediation through banks.