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:

Benzodiazepines

A class of psychoactive drugs with sedative, hypnotic, anxiolytic, anticonvulsant, and muscle relaxant properties, often used to treat anxiety, insomnia, and seizures.

Endorphins

Natural pain-relieving neurotransmitters produced by the brain in response to stress or discomfort, often associated with a feeling of well-being.

GABA

Gamma-Aminobutyric Acid, a chief inhibitory neurotransmitter in the central nervous system, playing a key role in reducing neuronal excitability.

Anandamides

Naturally occurring compounds in the body that bind to cannabinoid receptors, influencing mood, appetite, and pain perception.