Suppose There Is an Improvement in the Technology of Producing

question 21

Multiple Choice

Suppose there is an improvement in the technology of producing TVs and the production of TVs becomes an increasingly competitive industry. Assuming that the TV industry is initially in equilibrium, the long-run effect of this improvement is:

• A) higher TV prices and greater TV production.
• B) lower TV prices and greater TV production.
• C) higher TV prices and lower TV production.
• D) lower TV prices and lower TV production.

---

Definitions:

Labor Force

The total number of people eligible and available to work, including both the employed and those seeking employment.

Western Ideal

A concept or standard of excellence rooted in the cultural, philosophical, or moral values prevalent in Western societies, often emphasizing individualism, democracy, and economic freedom.

Asian Cultures

The diverse cultural practices, traditions, languages, and histories of peoples and societies from the continent of Asia.

Single-parent Households

Family units consisting of one parent living with their children, managing the roles of both mother and father.