What will the invention of machinery that can double the amount of gold extracted from raw ore likely lead mining companies to do?
A) Raise the world price of gold because miners' wages must double as their productivity doubles.
B) Raise the world price of gold to pay for the new machinery.
C) Lower the world price of gold because any given amount can now be produced more cheaply.
D) Lower the world price of gold only if new mining companies are not allowed to enter the industry.
Correct Answer:
Verified
Q89: If both market demand and supply increase
Q90: There is an increase in demand for
Q91: If both the supply and demand for
Q92: If in one period the supply curve
Q93: Ceteris paribus, if the market supply of
Q95: Technological progress increases the efficiency of mass
Q96: There is an increase in both consumer
Q97: Cold weather in the Prairie Provinces increases
Q98: A report produced by the OECD suggests
Q99: If both the supply and demand curves
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents