If There Is an Increase in Technology, the Long-Run Aggregate

question 129

True/False

If there is an increase in technology, the long-run aggregate supply curve shifts rightward, but the short-run aggregate supply curve does not shift.

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Definitions:

Total Revenue

The total amount of money received by a company from its sales of goods or services.

Demand

The desire of purchasers, consumers, or clients for a particular good or service coupled with the ability to pay for it.

Cross-Price Elasticity

A measure of how the quantity demanded of one good responds to a change in the price of another good, indicating the relationship between the two products.

Peanut Butter

A food paste made primarily from ground dry roasted peanuts, often spread on bread or eaten with other foods.