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Author Question: In the figure above, a decrease in the quantity of oil supplied but NOT a decrease in the supply of ... (Read 41 times)

mpobi80

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on: Jun 29, 2018
In the figure above, a decrease in the quantity of oil supplied but NOT a decrease in the supply of oil is shown by a movement from
 
  A) point a to point e.
  B) point a to point b.
  C) point a to point c.
  D) point a to point d.

Question 2

How does the new growth theory explain economic growth?
 
  What will be an ideal response?


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chinwesucks

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

The new growth theory explains growth as the result of choices made in the pursuit of profit. If people choose to look intensively for new technologies they will be found more quickly. Profit is the motive to look for technological change. The reason is that competition squeezes profits. Firms are constantly looking for ways to reduce costs and increase profits through technological change. The economy can grow forever as long as people make the choices that encourage the search for new technologies.


mpobi80

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

ashely1112

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Reply 3 on: Yesterday
Excellent

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