Figure 4-14

question 39

Multiple Choice

Figure 4-14
Panel (a) Panel (b) Panel (c) Panel (d)
-Refer to Figure 4-14.Which of the four panels represents the market for cars as a result of the adoption of new technology on assembly lines?

• A) Panel (a)
• B) Panel (b)
• C) Panel (c)
• D) Panel (d)

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Definitions:

Investment

The allocation of resources, usually money, into something with the expectation of generating income or profit in the future.

Capital

Assets used in the production of goods and services, such as machinery, buildings, or tools.

Production Efficiency

A situation where the economy is utilizing all of its resources efficiently, producing what people want at the lowest possible cost.

Production Possibility Frontier

Describes the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.