(Figure: Capital and Labor XIII) A technological change is represented by the movement from point _____ to point _____. 
Definitions:
Substitution Effect
The economic principle that as the price of a good decreases, consumers will substitute away from higher-priced goods, and vice versa.
Trade-off
A situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.
Wage Rate
The standard amount of pay given to workers per unit of time, often expressed per hour or year.
Labor Supply Curve
Represents the relationship between the quantity of labor that workers are willing to offer and the wage rate, typically showing an upward slope indicating more labor supplied as wages increase.
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