There Is a Technological Advance in the Production of a Good

question 66

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 equilibrium price falls because the supply curve shifts leftward.
• C) 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.
• D) The demand curve shifts rightward and the supply curve does not shift.

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Definitions:

Influence Tactic

A strategy employed to persuade or sway others to support a viewpoint or undertake a specific action.

Target Commitment

A state in which individuals or groups are wholly dedicated to achieving a specific goal.

Personal Appeal

Refers to the charismatic and attractive qualities of an individual that make them likable or persuasive to others.

Power Sources

The origins or bases from which an individual or organization draws the ability to influence others.