An improvement in technology would cause the long-run aggregate-supply curve to shift
a) left.
b) downward.
c) right.
d) not at all but instead to remain constant.
Ans: c) right.
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Since a monopolist has a unique product, it makes no sense for the firm to advertise.
Answer the following statement true (T) or false (F)
The term "final goods and services" refers to
A. goods and services which are unsold and therefore added to inventories. B. goods and services whose value has been adjusted for changes in the price level. C. good and services purchased by ultimate users, as opposed to resale or further processing. D. the excess of American exports over American imports.
As a country moves up along its "bowed-out" production-possibility curve, the opportunity cost of producing more of the good measured on the y-axis decreases.
Answer the following statement true (T) or false (F)
The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition. B. the inverted-U process. C. process innovation. D. creative destruction.