A Technological Improvement in the Production of Good X Causes

question 162

Multiple Choice

A technological improvement in the production of good X causes the:

• A) demand curve for X to shift to the right.
• B) demand curve for X to shift to the left.
• C) supply curve for X to shift to the right.
• D) supply curve for X to shift to the left.

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Definitions:

Entrepreneurs

Individuals who start, organize, manage, and assume the risks of a business or enterprise.

Right Time

Refers to the optimal moment to take a particular action or make a decision in the context of business or personal situations to achieve the best possible outcome.

Crafting Strategy

Crafting Strategy involves the process of deliberately planning and adapting strategic moves and business models to capture new opportunities and respond to competitive markets, akin to navigating a business through changing landscapes.

Capital

Refers to the wealth, either financial or other resources, possessed by an individual or business that can be used for investment or operational purposes.