For a Perfectly Competitive Industry, a Decline in Technology Will

question 207

Multiple Choice

For a perfectly competitive industry, a decline 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:

Real Task

A term generally used to describe a task that has practical, real-world importance or impact.

Culture

Culture encompasses the social behavior, norms, knowledge, beliefs, arts, laws, customs, capabilities, and habits of the people in a specific group or society.

Experience

the knowledge or skill acquired by a person through involvement in or exposure to events over time.

Gender

The range of characteristics pertaining to, and differentiating between, masculinity and femininity.