An Increase in Technology Will Shift the Long-Run Aggregate Supply

question 21

True/False

An increase in technology will shift the long-run aggregate supply curve to the left.

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Definitions:

Proprietary Algorithm

A unique, privately owned algorithm that is not disclosed to the public and gives a competitive advantage to its owner.

Census Data

Represents comprehensive information gathered about population count and characteristics, typically used by governments for planning and resource allocation.

Social Media

Digital platforms that enable users to create, share, or exchange information, ideas, pictures, and videos in virtual communities and networks.

Basic Business Transactions

Fundamental economic exchanges that occur in business, such as buying, selling, and trading goods or services, which constitute the core activities of any commercial entity.