Technological Advance Shifts the Aggregate Supply Curve Outward and Increases

question 40

True/False

Technological advance shifts the aggregate supply curve outward and increases output.

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Definitions:

Public Utilities

Companies that provide essential services like water, electricity, natural gas, and telecommunications to the public, often under government regulation.

Political Power

The ability to influence or outright control the behavior of people and institutions, often within a governmental context.

Economic Profit

The profit a company makes after accounting for both its explicit and implicit costs, differing from accounting profit by considering opportunity costs.

Marginal Revenue

The additional income earned from the sale of one more unit of a product or service.