If Technological Change Causes a Shift in the Production Function

question 51

Multiple Choice

If technological change causes a shift in the production function, it will cause:

• A)changes in the maximum output produced at all different combinations of inputs.
• B)a shift in factor prices.
• C)a shift in producer's rent.
• D)a shift in capacity utilization.
• E)all of the above.

Assess the impact of external factors on market equilibrium and surplus.

Analyze the effects of price changes on consumer and producer surplus.

Interpret supply and demand curves and their impact on market equilibrium.

Analyze the impact of government interventions, like price ceilings, on market surplus.

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