Technology Reduces the Average Cost of Production,so in the Long

question 124

Multiple Choice

Technology reduces the average cost of production,so in the long run
i.perfectly competitive firms produce at a lower average cost.
ii.the market price of the good falls.
iii.firms with older plants either exit the market or adopt the new technology.

• A) i only.
• B) i and ii.
• C) iii only.
• D) i and iii.
• E) i, ii, and iii.

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Definitions:

Family of Procreation

The family unit one creates through marriage or by having children, as opposed to the family of origin into which one is born.

Conjugal Family

A family unit formed by a married couple and their children, characterized by a legal and social recognition of their relationship.

Family of Orientation

The family into which an individual is born or adopted, contrasting with the family they may create through marriage or cohabitation (family of procreation).

Primary Agent

In sociology, refers to individuals or groups (such as family) that play a crucial role in the initial socialization process of an individual.