Which of the Following Will Most Likely Happen When Better

question 290

Multiple Choice

Which of the following will most likely happen when better technology is used in production?

• A) an upward movement along the production possibilities curve
• B) an outward shift of the production possibilities curve
• C) an inward shift of the production possibilities curve
• D) a downward movement along the production possibilities curve

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Definitions:

Responsiveness

The quality of reacting quickly and positively, often used in contexts ranging from customer service to mobile or web design, indicating agility and attentiveness to needs or changes.

Midpoint Formula

A method used in economics to calculate the percentage change in a variable by dividing the change by the average of the initial and final values.

Price Elasticity

A measure of the sensitivity of quantity demanded or supplied to a change in price, indicating how a price change can affect market dynamics.

Absolute Value

The non-negative value of a number without regard to its sign.