Refer to the Diagram, Which Relates to Firm A

question 166

Multiple Choice

Refer to the diagram, which relates to Firm A. Which of the following would shift A's average total cost curve from ATC₁ to ATC₂?

• A)replacement of old equipment with new, more productive equipment embodying technological advance
• B)a decrease in the incomes of A's customers
• C)a move along A's total product curve (not shown)
• D)the increase in the price of one of the major inputs used to produce A's product

---

Definitions:

Instrumental Values

These are values that are seen as a means to an end, guiding individuals on how to reach their goals or desired outcomes.

Ethical Problems

Challenges or dilemmas that arise when determining the right course of action in situations involving moral values and principles.

Universal Core Values

Fundamental principles or beliefs that are widely accepted and upheld across different cultures and societies.

Human Dignity

The inherent worth of all individuals, which entitles them to be treated with respect and fairness.