Cost Curves Shift If I. Technology Changes

question 67

Multiple Choice

Cost curves shift if i. technology changes.
Ii) the prices of factors of production change.
Iii) productivity changes.

• A) Only i
• B) i and ii
• C) Only ii
• D) i and iii
• E) i, ii and iii

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Definitions:

Manufacturing Defects

Flaws or errors in a product that occur during its production, often leading to the product failing to meet safety or quality standards.

Design Defects

Flaws in the planning or design of a product that result in it being unsafe or failing to perform as intended.

Product Liability

The legal responsibility of manufacturers and sellers for defects or hazards in products that cause harm.

Restatement (Third)

A reference to the third series of restatements of American law, which are compilations summarizing the court rulings on various legal subjects.