If Other Factors Remain Unchanged, Technological Progress in Producing Good

question 58

Multiple Choice

If other factors remain unchanged, technological progress in producing good X definitely will lead to

• A)an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X.
• B)an increase in both the market clearing price and the equilibrium quantity of good X.
• C)a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X.
• D)a decrease in both the market clearing price and the equilibrium quantity of good X.

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Definitions:

Abilities and Interests

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Occupational Outlook Handbook

A publication by the U.S. Bureau of Labor Statistics providing comprehensive information on job requirements, outlooks, and salary ranges for various occupations.

Dictionary of Occupational Titles

A comprehensive guide, originally published by the United States Department of Labor, detailing job descriptions and requirements for various occupations.

Holland Codes

A theory of career and vocational choice based upon personality types, where occupations are classified into six broad categories to match individual preferences and strengths.