Technological Advance Improves Productivity in a Purely Competitive Industry

question 316

Multiple Choice

Technological advance improves productivity in a purely competitive industry. This change will result in a shift

• A)down of the individual firm's MC curve, causing the market supply curve to shift to the left.
• B)down of the individual firm's MC curve, causing the market supply curve to shift to the right.
• C)up of the individual firm's MC curve, causing the market supply curve to shift to the left.
• D)up of the individual firm's MC curve, causing the market supply curve to shift to the right.

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Definitions:

Reactive Thinking

A type of thinking where responses are based on immediate emotions or preconceptions rather than logical reasoning.

Reflective Thinking

A cognitive process that involves examining and analyzing one's thoughts, actions, and experiences to gain new insights or understandings.

Concept Formation

The process by which individuals learn to categorize and cluster information based on common characteristics, leading to the creation of concepts.

Tentative Conclusions

Preliminary findings or conclusions that are not final and are subject to further validation or revision based on additional evidence or analysis.