An Advance in Technology Shifts the Production Function Upward and Shifts

question 40

Multiple Choice

An advance in technology shifts the production function upward and shifts the labor

• A) demand curve leftward.
• B) supply curve leftward.
• C) demand curve rightward.
• D) supply curve rightward.

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Definitions:

Indians

Referring to the indigenous peoples of the Americas, often termed Native Americans in the United States, recognized for their diverse cultures, languages, and histories prior to European colonization.

Furs and Animal Skins

Natural coverings of fur, hair, or skin obtained from animals, historically used for clothing, decoration, and other purposes due to their insulating qualities.

European Goods

Products and commodities that originate from European countries, often associated with trade and exchange between Europe and other parts of the world.

Virginia Company

A joint-stock company chartered by King James I in 1606 to establish colonies in North America.