The invention of the integrated circuit by Jack Kilby of Texas Instruments gave rise to the information age.What did this technological change do the short-run supply curve?
A)It shifted the short-run aggregate supply curve to the left.
B)It shifted the short-run aggregate supply curve to the right.
C)It moved the economy up along a stationary short-run aggregate supply curve.
D)It moved the economy down along a stationary short-run aggregate supply curve.

Question

Quizplus · Accepted Answer

The invention of the integrated circuit led to significant technological advancements that increased productivity and efficiency in various industries. As a result, the short-run aggregate supply curve shifted to the right, indicating an increase in the economy's potential output in the short run. This shift enabled firms to produce more goods and services using the same amount of inputs, resulting in increased economic growth and potentially lower prices for consumers.

The Invention of the Integrated Circuit by Jack Kilby of Texas