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Author Question: Technological advancement implies: a. the increase in the quantity of inputs needed to produce a ... (Read 75 times)

gonzo233

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on: Jun 30, 2018
Technological advancement implies:
 a. the increase in the quantity of inputs needed to produce a given quantity of output.
  b. the reduction in the quantity of inputs needed to produce a given quantity of output.
  c. the reduction in the productivity of a sector of the economy that has become obsolete.
  d. an increase in the labor to capital ratio in any production process.
  e. the growth in the natural resource endowment.

Question 2

Assume an industry initially in equilibrium has a price floor imposed at a price above the equilibrium price. Total revenue received by the producers from sales will:
 a. rise as a result.
 b. rise as a result only if supply is elastic.
 c. rise as a result only if demand is elastic.
  d. rise as a result only if demand is inelastic.


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upturnedfurball

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

d


gonzo233

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

TheDev123

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Reply 3 on: Yesterday
Excellent

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