A Technological Improvement That Causes an Increase in the Marginal

question 216

Multiple Choice

A technological improvement that causes an increase in the marginal product of a resource will

• A) decrease the demand for the resource.
• B) increase the demand for the resource.
• C) decrease the marginal revenue product.
• D) increase the marginal resource cost.

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Definitions:

Liability

Liability is a legal responsibility or obligation to compensate or make amends for a loss, damage, or other wrongful acts.

Assignment

The passing of obligations, rights, or property from one individual to another.

Adjudicated Incompetent

A legal status determined by a court, indicating that an individual lacks the capacity to manage their own affairs due to mental or physical impairment.

Capacity

Refers to the legal ability of a person to enter into binding contracts.