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Author Question: A new technology is developed for producing microwave ovens that reduces production costs by 10%. ... (Read 77 times)

Mr3Hunna

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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.


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Marked as best answer by Mr3Hunna on Apr 19, 2019

Jevvish

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Mr3Hunna

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Reply 2 on: Apr 19, 2019
Great answer, keep it coming :)


irishcancer18

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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