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.

Recognize the pathway auditory information takes from the ear to the brain and the sequence of structures it passes through.

Identify and differentiate between various visual illusions and their implications for visual perception.

Understand perceptual constancies and the processes that contribute to our perception of a stable environment despite changes.

Explain the mechanisms of hearing, including how sound is transmitted and perceived in the human auditory system.

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Definitions:

Equilibrium Quantity

The quantity at which the amount of goods supplied is equal to the amount of goods demanded.

Equilibrium Quantity

The quantity of goods or services supplied in the market at which the quantity demanded equals the quantity supplied, leading to a stable market price.

Supply

The total amount of a good or service that is available for purchase at any given price level.

Demand

The extent of a good or service that patrons are inclined and have the ability to secure at different price ranges over a set period.