If a Technological Breakthrough Reduces Input Quantities Needed to Produce

question 237

Multiple Choice

If a technological breakthrough reduces input quantities needed to produce some item,

• A)cost of production will be increased.
• B)the price of the product will rise.
• C)the price of the product will fall.
• D)quantity demanded of the product will fall.

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Definitions:

Variation

The extent to which data points in a dataset differ from each other and from the mean.

Measurement Systems

Systems and procedures used to assign numbers or other symbols to quantify the properties of objects or events according to specific rules.

P-chart

A type of control chart used for monitoring the proportion of defective items in a manufacturing process over time, helping to ensure quality control.

Nonconforming Items

Products or outcomes that do not meet the predefined standards, specifications, or expectations.