If other factors remain unchanged, technological progress in ...

[RODY.ELKHALIL]

If other factors remain unchanged, technological progress in producing good X definitely will lead to
 
  A) an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X.
  B) an increase in both the market clearing price and the equilibrium quantity of good X.
  C) a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X.
  D) a decrease in both the market clearing price and the equilibrium quantity of good X.

Question 2

From the economist's point of view
 
  A) wants and needs are exactly the same.
  B) a want is a lifesaving necessity.
  C) needs are objectively undefinable.
  D) we all have wants but only very poor people have needs.

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Answer to Question 1

C

Answer to Question 2

C

[RODY.ELKHALIL]

Correct answers!

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Great! Please up vote