If There Is an Improvement in the Technology Used to Produce

question 186

True/False

If there is an improvement in the technology used to produce a good, then the supply curve for that good will shift to the left.

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Definitions:

Mental Concentration

The ability to direct one's thinking in whatever direction one would intend, focusing mental efforts on a specific object, task, or subject.

Tenant Farmer

An agricultural worker who rents land to farm on, rather than owning it, often under conditions that can lead to long-term economic dependency.

Paternalism

A policy or practice of limiting the freedom or responsibilities of subordinates in their supposed interest, often justified by a belief in their incapacity to make decisions.

Crop Lien

A system of credit where farmers borrowed against the future earnings of their crops, leading to a cycle of debt and economic dependency, especially in the post-Civil War Southern United States.