Consider a production function. Fill in the blanks by using the following four choices: a movement to the right along, a movement to the left along, an upward shift of, a downward shift of.
(i) If the economy experiences technological innovation, this can be represented by _____ the production function.
(ii) If the economy experiences a decrease in capital stock, this can be represented by _____ the production function.
(iii) If the economy experiences an increase in capital stock, this can be represented by _____ the production function.
(iv) If the economy experiences technological regression, this can be represented by _____ the production function.
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