As technology advances,

Question

Quizplus · Accepted Answer

As technology advances, it allows for more efficient and productive methods of production, leading to an increase in the potential output of both goods. This shift outward of the production possibilities frontier (PPF) indicates that the economy can produce more of both goods without sacrificing the production of one good for the other. However, opportunity costs do not necessarily decrease or increase uniformly with technological advances. It ultimately depends on the specifics of the technology and production processes involved.

As Technology Advances