Assume That There Is an Improvement in the Technology Used

question 70

Multiple Choice

Assume that there is an improvement in the technology used by firms in a perfectly competitive industry that is initially in long-run equilibrium.In the short run this would cause:

• A)an increase in the firm's economic profit.
• B)a decrease in the firm's economic profit.
• C)no change in the firm's economic profit.
• D)cannot be determined with the information given.

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Definitions:

Concurrent Jurisdiction

Jurisdiction that exists when two different courts have the power to hear a case. For example, some cases can be heard in either a federal or a state court.

Federal Court

A court established by the federal government of a country, having jurisdiction over matters that fall within federal law.

Remedies

The means by which a violation of rights is redressed or the enforcement of a right is achieved, often involving legal processes or actions.

Minimum-Contacts Standard

A legal standard that determines whether it is fair for a court in one jurisdiction to assert its authority over a defendant from another jurisdiction.