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.

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Definitions:

Formal Groups

Structured groups created with specific objectives and defined roles within an organization.

Emergent Groups

Groups that form spontaneously based on common interests, needs, or goals, often arising in response to specific events or circumstances.

Social Groups

Collections of individuals who interact and share a sense of unity or common identity, often with shared interests, values, or goals.

Candour

The quality of being open, honest, and straightforward in expression or communication.