Asked by Raisa Anjum on May 14, 2024
Verified
A improvement in production technology will shift the
A) supply curve to the right.
B) supply curve to the left.
C) demand curve to the right.
D) demand curve to the left.
Supply Curve
A graphical representation showing how the quantity of a good supplied by producers changes in response to different prices.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.
Production Technology
The methods, processes, and equipment used in the production of goods and services.
- Assess the consequences of shifts in production expenditures, incorporating advancements in technology and input cost alterations, on the provision of goods.
Verified Answer
KJ
Kamela JosephMay 21, 2024
Final Answer :
A
Explanation :
An improvement in production technology makes it easier or more efficient for companies to produce goods. This typically means they can produce more at every price level, which is represented by a rightward shift in the supply curve.
Learning Objectives
- Assess the consequences of shifts in production expenditures, incorporating advancements in technology and input cost alterations, on the provision of goods.