If a Strong Economy Allows for a Large ____ in Households

question 2

Multiple Choice

If a strong economy allows for a large ____ in households' income, the supply curve will shift ____.

• A)decrease; outward
• B)increase; inward
• C)increase; outward
• D)None of these are correct.

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Definitions:

Technological Change

Refers to the improvements and innovations in technology that enhance productivity or enable new products and services.

Own Wealth

The total value of all financial and non-financial assets owned by an individual or entity, minus any liabilities.

Pure Monopolist

A sole provider of a unique product or service with no close substitutes, giving them significant control over pricing.

Economies of Scale

A condition where the average costs of production fall as the output level increases, leading to a more efficient production process.