An Improvement in Production Technology Will

question 26

Multiple Choice

An improvement in production technology will:

• A)tend to increase equilibrium price
• B)shift the supply curve to the left
• C)shift the demand curve to the right
• D)shift the demand curve to the left
• E)shift the supply curve to the right

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Definitions:

Patents

Exclusive rights to produce and sell goods with one or more unique features.

Net Income

The total profit or loss a company generates from its operations over a specific period after all expenses have been subtracted from revenues.

Operating Activities

The element of a company's cash flow statement that represents the cash flow from regular business operations.

Gain

An increase in wealth or resources, typically recognized when assets are sold for more than their carrying amount.