Improvements in Technology Tend to

question 144

Multiple Choice

Improvements in technology tend to

• A)increase supply.
• B)lower the cost of producing a given output.
• C)increase the output produced for a given cost.
• D)all of the above.

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Definitions:

Exact Specifications

Detailed and precise descriptions of the requirements for materials, products, or services.

General Description

A broad or overall outline of an object, situation, or set of conditions, often providing basic details without going into in-depth specifics.

Trade Custom

Established practices or patterns of behavior that are widely accepted and followed within a particular industry.

Implied Warranty

A legal assumption that a product will meet certain standards of quality and reliability without being explicitly stated.