Question 1
Because most people prefer smartphones to flip phones, firms can improve efficiency by
◦ stopping production of flip phones and starting production of smartphones.
◦ starting production of flip phones and stopping production of smartphones.
◦ increasing production of both flip phones and smartphones.
◦ stopping production of both flip phones and smartphones.
Question 2
A new technology is developed for producing microwave ovens that reduces production costs by 10%. Which of the following is the most likely consequence of this technological change?
◦ Firms will continue to operate efficiently as long as no firm adopts this new technology.
◦ Firms must adopt this new technology to remain efficient.
◦ This new technology will not affect efficiency, but it will change the equilibrium price and quantity for this industry.
◦ If firms do not adopt this new technology, then the economy will remain in general equilibrium, because firms will not change their price and output decisions.
Crop plants developed by selective breeding of the wild mustard plant.
Technology
ELISA technology
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