An Improvement in a Firm's Technology That Reduces Its Production

question 55

Multiple Choice

An improvement in a firm's technology that reduces its production costs will result in a(n) :

• A) leftward shift of the supply curve.
• B) increase in supply.
• C) decrease in quantity supplied at any given price.
• D) an increase in demand.

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Definitions:

Standard Error

A statistical term that measures the accuracy with which a sample distribution represents a population using the sample mean.

Statistic

A numerical measurement or datum derived from a sample of a population, often used in statistical analyses to infer properties about the entire population.

Resamples

The process of drawing repeated samples from a set of observed data, often used in bootstrapping and other non-parametric statistical methods.

Playing Dumb

A tactic where an individual pretends not to know or understand something, often to avoid responsibility or gain certain advantages.