If a Technological Advance Lowers Production Costs Such That the
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question 11

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \text { Price Per Unit } & \text { Quantity Supplied } & \text { Quantity Demanded } \\\hline \$ 10 & 100 & 295 \\\hline 11 & 150 & 275 \\\hline 12 & 190 & 250 \\\hline 13 & 220 & 220 \\\hline 14 & 245 & 180 \\\hline 15 & 265 & 135 \\\hline\end{array}$$ If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, the new equilibrium price would be

• A) $11.
• B) $12.
• C) $13.
• D) $14.

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Definitions:

Equity

The ownership interest in a corporation in the form of common stock or preferred stock, representing a share of the company's assets and profits.

Utilitarian View

A perspective in ethics and philosophy that emphasizes the greatest happiness or utility for the greatest number as the primary consideration in decision making.

Equity

In finance, it refers to the value of an ownership interest in property, including shareholders' equity in a corporation. In economics, it often refers to fairness or justice in the distribution of wealth and resources.

Indifference Curves

Graphical representations used in economics to show combinations of two goods that provide a consumer with the same level of satisfaction.