What Happens When Technological Advance Makes Available a New Highly

question 87

Multiple Choice

What happens when technological advance makes available a new highly productive capital good for which MP/P is greater than that of labor for which it is a substitute resource?

• A)Labor will replace the new capital because labor is now cheaper.
• B)The new capital will replace labor because it reduces the firms' costs.
• C)More of both the new capital and labor will be used because firms are more productive.
• D)Less of both the new capital and labor will be used because the firms do not know how to use the new technology.

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Definitions:

Phenotype

The collection of traits that can be seen in a person, which emerge from how their genetic makeup interacts with their surroundings.

Genetic Mapping

Identifying the position and molecular composition of particular genes within a chromosome.

Molecular Geneticist

A scientist who studies the structure and function of genes at a molecular level, often investigating how genetic variations affect biological processes and diseases.

Heredity

The transmission of physical or mental traits from one generation to the next through genetics.