Technological Change Spreads Through a Perfectly Competitive Market

question 106

Multiple Choice

Technological change spreads through a perfectly competitive market.Choose the statement that is incorrect.

• A)The market price falls and the equilibrium quantity increases.
• B)The technological change brings permanent gains for consumers and producers.
• C)Firms that do not change to the new technology will incur an economic loss and eventually go out of business.
• D)Firms that are quick to adopt to the new technology will make economic profits initially, but in the long run they will make zero economic profit.
• E)Average cost will fall for firms who adopt the new technology.

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