There Is a Technological Advance in the Production of Ice

question 454

Multiple Choice

There is a technological advance in the production of ice cream. As a result, the supply curve of ice cream shifts and .

• A) rightward; the equilibrium price falls while the equilibrium quantity increases
• B) rightward; both the equilibrium price and equilibrium quantity fall
• C) rightward; both the equilibrium price and equilibrium quantity rise
• D) leftward; both the equilibrium price and equilibrium quantity fall

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Definitions:

Entrepreneurial System

An economic framework where innovation and business ventures are encouraged and supported, often leading to significant economic growth.

Chinese Revolution

A period of radical political and social change in China, leading to the establishment of the People's Republic of China in 1949.

Profit-Making

The act or process of generating revenue in excess of costs, leading to financial gains for individuals or organizations.

Armed Conflicts

Situations where two or more groups, including nations or factions within a nation, engage in military combat against each other.