A Technological Improvement in Producing Good a Would Be a Shift

question 174

Multiple Choice

A technological improvement in producing good A would be a shift in the:

• A) supply curve for A to the right.
• B) supply curve for A to the left.
• C) demand curve for A to the right.
• D) demand curve for A to the left.

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Definitions:

Lowball Technique

A persuasive strategy where a more attractive offer is initially presented to get an agreement, then terms are made less favorable.

Feigned Scarcity

Feigned scarcity is a marketing strategy wherein the availability of a product is artificially limited to increase demand.

Reciprocity Norm

A social norm that dictates that we should repay, in kind, what another person has provided us, promoting the exchange of goods, services, and favors.

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values.