Improvements in Technology Provide Benefits To

question 146

Multiple Choice

Improvements in technology provide benefits to:

• A) consumers, through lower prices.
• B) workers, although some jobs may be eliminated.
• C) firms, through lower production costs.
• D) all of the above.

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Definitions:

Excludable

A property of a good or service that allows its owner to prevent others from using it without permission.

Artificially Scarce Good

A good that has its availability limited by design or through artificial means, rather than through natural scarcity.

Cable Television

A system for delivering television programming to consumers via radio frequency signals transmitted through coaxial cables.

Efficient Level

A state of resource allocation where it is not possible to make someone better off without making someone else worse off.