TRUE OR FALSE? An improvement in the technology will reduce the supply of goods while an increase in cost of production may increase. A decrease in the cost of production will shift the supply curve to the left. An increase in the cost of production will shift the supply curve to the right. The consumer’s income does not influence the demand for goods and services. The increase in demand due to an increase in income is not experienced in the economy.
TRUE OR FALSE? An improvement in the technology will reduce the supply of goods while an increase in cost of production may increase. A decrease in the cost of production will shift the supply curve to the left. An increase in the cost of production will shift the supply curve to the right. The consumer’s income does not influence the demand for goods and services. The increase in demand due to an increase in income is not experienced in the economy.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 3MC
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TRUE OR FALSE?
An improvement in the technology will reduce the supply of goods while an increase in cost of production may increase.
A decrease in the cost of production will shift the supply curve to the left. An increase in the cost of production will shift the supply curve to the right.
The consumer’s income does not influence the demand for goods and services. The increase in demand due to an increase in income is not experienced in the economy.
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