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.

Understand the evolution and distinction between replacement planning and succession management.

Identify the critical characteristics that affect the perceptions of succession management's effectiveness.

Recognize how succession management is inherently linked to organizational strategy, unlike replacement planning which is job-focused.

Understand HR planning's role in identifying immediate and future needs for critical positions to ensure business continuity.

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Definitions:

Deadweight Loss

The loss of gains from trade to buyers and sellers that occurs when a tax is imposed. The deadweight loss imposes a burden on both buyers and sellers over and above the actual payment of the tax.

Keynesian View

An economic theory asserting that government intervention can stabilize the economy through monetary and fiscal policies.

Private Investment

Private Investment encompasses the expenditures on capital assets by private businesses or individuals, excluding government spending.

Business Optimism

A positive outlook or sentiment held by businesses about the future economic conditions, often leading to increased investment and growth plans.