Suppose That a Newer Way to Produce a Good Is

question 135

Multiple Choice

Suppose that a newer way to produce a good is discovered,which reduces production costs for the good.This will cause

• A)no change in the supply curve,only a change in price.
• B)a decrease in supply (a leftward shift of the supply curve).
• C)a movement up the supply curve.
• D)a movement down the supply curve.
• E)an increase in supply (a rightward shift of the supply curve).

---

Definitions:

Rewards and Punishments

a psychological concept referring to the use of positive reinforcement (rewards) and negative reinforcement (punishments) to influence behavior.

Games with Rules

Structured forms of play that are guided by a set of agreed-upon rules or guidelines, often with objectives or goals to achieve.

Social Institutions

Established systems and structures within society that organize and govern the behavior and practices of its members.

Cultural Differences

Variabilities in beliefs, attitudes, behaviors, norms, and customs among people from different cultures.