An improvement in overall technology that allows more output to be produced with the same level of inputs causes:
A) a movement up the supply curve, resulting in both a higher equilibrium price and quantity.
B) a leftward shift of the supply curve so that less is offered for sale at every price.
C) no movement of the supply curve but a fall in price and an increase in quantity supplied.
D) a rightward shift of the supply curve so that more is offered for sale at every price.
Correct Answer:
Verified
Q49: Consider an inferior good X. Due to
Q50: Consider good X. Due to economic recession,
Q51: Assume that spinach is a normal good.
Q52: With a given supply curve, a decrease
Q53: Which of the following determinants will not
Q55: An increase in supply can be caused
Q56: If Southern Ontario experiences a late frost
Q57: If the cost of inputs used in
Q58: John Jones grows both wheat and corn
Q59: An increase in both demand and supply
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