Several Producers in Industry a Developed an Improved Technology That

question 118

Multiple Choice

Several producers in industry A developed an improved technology that reduces the quantity of resources used to produce a given output. Which of the following would be expected?

• A) The per-unit costs of production of the firms adopting the technology would increase.
• B) In the short run, economic profits would be earned by the earliest firms adopting the technology.
• C) Product price would immediately fall to the minimum average total cost of the firms quickly adopting the technology, thus retarding the rate at which firms enter the industry.
• D) Producers who adopt the technology will have short-run economic losses.

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Definitions:

Social Determinants

are the conditions in which people are born, grow, live, work, and age that affect a wide range of health, functioning, and quality-of-life outcomes and risks.

Analytical Domains

The distinct areas or categories within a field of study or analysis, such as political, economic, or social aspects.

Matrix of Domination

A concept that describes how different social categories such as race, gender, and class intersect to create systems of oppression and privilege.

Collins

A reference could be to Patricia Hill Collins, an American sociologist known for her research and theory on race, gender, and social class in the context of black feminism.