Suppose That a Technological Advancement Substantially Reduces the Cost of Producing

question 89

Multiple Choice

Suppose that a technological advancement substantially reduces the cost of producing cheese.We would predict that the equilibrium quantity of cheese will ________ and the equilibrium price of cheese will ________.

• A) rise; rise
• B) rise; fall
• C) fall; rise
• D) fall; fall

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Definitions:

Pimp

A person who controls and profits from the commercial exploitation of others, typically in the context of prostitution.

Sex Trade

The industry that includes the exchange of sexual services, such as prostitution, pornography, and erotic entertainment, for money or goods.

Monogamous

Describing a relationship or mating system in which an individual has only one partner during their lifetime or at any one time.

Prostitution

The practice of engaging in sexual activity in exchange for payment or some other benefit.