There Is a Technological Advance in the Production of a Good

question 122

Multiple Choice

There is a technological advance in the production of a good and simultaneously also an increase in the expected future price. Which of the following will happen?

• A) The equilibrium price will rise because the supply curve shifts rightward.
• B) The technological improvement shifts the supply curve rightward while the increase in the expected future price shifts the supply curve leftward. The net effect is not known.
• C) The equilibrium price falls because the supply curve shifts leftward.
• D) The demand curve shifts rightward and the supply curve does not shift.

---

Definitions:

Social Mobility

The ability of individuals or groups to move within the social hierarchy, which can be upward to a higher economic or social class, or downward.

Visible-Minority Immigrants

Immigrants who are identified as being from racial or ethnic groups that are non-majority in the context of a specific country.

Immigration System

encompasses the legal and regulatory framework governing the entry, stay, and status of people in a country other than their own.

Lower-Paying Jobs

Employment positions that offer less financial compensation compared to median or high-paying jobs, often requiring less skill or education.