The Role of Technology in a Production Function Is

question 12

Multiple Choice

The role of technology in a production function is:

• A) Automate manual processes
• B) Increase human oversight of transactions
• C) Reduce the speed of production to increase quality
• D) Diversify the types of output to increase marketability

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Definitions:

Downward Sloping

A graphical representation indicating that one variable decreases as another increases, commonly used to describe demand curves in economics.

ATC Curves

Short for Average Total Cost curves, these are graphical representations showing how the average cost of production per unit changes with the level of output.

Industry Expands

Refers to the growth in size or scope of a particular sector of the economy, characterized by increased output, employment, or number of businesses.

Efficiently Allocated

A situation wherein resources are distributed in such a way that maximizes the net benefits gained from their use, leaving no opportunity to make someone better off without making others worse off.