As a Result of a Technology Advance in the Production

question 201

Multiple Choice

As a result of a technology advance in the production of your firm's product, you should anticipate a________ price for your product than the current equilibrium price and a _________ equilibrium quantity than the current equilibrium quantity.

• A)higher; higher
• B)higher; lower
• C)lower; higher
• D)lower; lower

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Definitions:

Growth Spurt

A rapid increase in physical growth in height and weight, typically occurring during puberty.

Shoe Size

A measurement indicating the fitting size of a shoe for a person, typically determined by the length and sometimes the width of the foot.

Hypothalamus

A brain area that responds to the amygdala and the hippocampus to produce hormones that activate other parts of the brain and body.