For a Perfectly Competitive Industry, an Improvement in Technology Will

question 234

Multiple Choice

For a perfectly competitive industry, an improvement in technology will cause

• A) a movement up the short-run industry supply curve.
• B) a movement down the short-run industry supply curve.
• C) the industry short-run supply curve to shift to the right.
• D) the industry short-run supply curve to shift to the left.

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Definitions:

Expedia

An online travel agency that provides bookings for flights, hotels, car rentals, and vacation packages.

Disintermediation

The removal of intermediaries in a supply chain, allowing direct transactions between producers and consumers.

Channel Intermediaries

Organizations or individuals that act as middlemen in the distribution process, helping to move products from the producer to the final consumer.

Over-the-counter Products

Medications or goods that can be purchased without a prescription, directly from a retailer.