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:

Enthymeme

A syllogism or form of reasoning in which one of the premises is implicit or assumed rather than stated.

Missing Premise

a logical gap in an argument where an unstated or implied premise is necessary for the argument to hold.

Syllogism Validity

A measure of a syllogism's correctness in deducing the conclusion from two premises, based on the structure of the argument.

Syllogism Validity

The logic of an argument's structure determining its correctness or faultiness based on premises leading to a conclusion.