When There Is a Technological Advance in the Pork Industry,consumer

question 79

Multiple Choice

When there is a technological advance in the pork industry,consumer surplus in that market will

• A)increase.
• B)decrease.
• C)not change,since technology affects producers and not consumers.
• D)not change,since consumers' willingness to pay is unaffected by the technological advance.

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Definitions:

Health Care Industry

An industry involved in delivering healthcare services, producing medical devices or pharmaceuticals, offering medical insurance, or engaging in activities that support the delivery of healthcare to individuals.

Highly Elastic

Describes a situation where a small change in price leads to a significant change in the quantity demanded or supplied.

Health Care

A broad term covering medical services, procedures, and support for individuals to maintain or improve their health.

Preferred Provider Organizations

A type of health insurance plan that offers a network of healthcare providers with whom costs are less than going outside the network.