Which of the following will most likely happen when better technology is used in production?
A) an upward movement along the production possibilities curve
B) an outward shift of the production possibilities curve
C) an inward shift of the production possibilities curve
D) a downward movement along the production possibilities curve
Answer: B
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For the perfectly competitive broccoli producers in California, the market demand curve for broccoli is
A) a horizontal line. B) downward sloping. C) nonexistent. D) upward sloping. E) the same as the demand curve each firm faces.
Technological advances have resulted in lower prices for digital cameras. What is the impact of this on the market for traditional (non-digital) cameras?
A) The demand curve for traditional cameras shifts to the right. B) The demand curve for traditional cameras shifts to the left. C) The supply curve for traditional cameras shifts to the left. D) The supply curve for traditional cameras shifts to the right.
Like the contemporary forms of transportation—airplanes, automobiles and trucks—railroads shifted from being perceived as a private luxury to a public necessity
Indicate whether the statement is true or false
As more and more resources are dedicated to an activity
a. the benefits will increase proportionately. b. the benefits will become smaller and smaller while the costs will rise. c. the demand for that activity will increase. d. the costs will be offset by the benefits received from the activity.