If a Competitive Firm Successfully Adopts a Better Production Technology

question 157

Multiple Choice

If a competitive firm successfully adopts a better production technology ahead of the others, then

• A) its product price will become lower than the others'.
• B) its average cost will become higher than the others'.
• C) its profits will become higher than the others'.
• D) its marginal revenue will become higher than the others'.

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Definitions:

Chemical Signals

Chemical signals are molecules released by organisms to communicate with each other, playing crucial roles in processes such as attraction, repulsion, social hierarchy, and defense.

Receptors

Specialized cells or groups of cells that detect changes in the environment and convey information to the nervous system.

Synapse

The junction between neurons through which they communicate with each other, transferring information via chemical or electrical signals.

Chemical Reactions

Processes that involve the rearrangement of atomic or molecular structures to form new substances.