An Improvement in Production Technology Will

question 9

Multiple Choice

An improvement in production technology will

• A)increase a firm's costs and increase its supply.
• B)increase a firm's costs and decrease its supply.
• C)decrease a firm's costs and increase its supply.
• D)decrease a firm's costs and decrease its supply.

Understand the concepts of blaming the victim and diffusion of responsibility.

Recognize the impact of reporting styles across cultures on the perception of events.

Learn about the self-effacing and self-serving biases in the context of success and failure attribution.

Understand the concept and implications of cognitive dissonance in decision-making processes.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or output.

Yearly Return

The percentage of increase or decrease in the value of an investment over a one-year period.

Maximize

To increase to the greatest possible amount or degree.

Minimize

To reduce something to the smallest possible level or amount.