If There Is an Increase in Technology, the Long-Run Aggregate

question 129

True/False

If there is an increase in technology, the long-run aggregate supply curve shifts rightward, but the short-run aggregate supply curve does not shift.

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Definitions:

Demand Conditions

The market requirements and consumer preferences that influence the demand for goods and services, including price, quality, and accessibility.

Cost Conditions

The factors that influence the expenses associated with producing goods and services, including materials, labor, and overhead.

Produced Quantity

The amount of goods or services generated by the production process within a specific time frame.

Monopolist

An entity that is the sole provider of a particular product or service in a market, giving it significant control over that market's prices and supply.