If a Technological Advance Reduces the Amount of Variable Resources

question 393

Multiple Choice

If a technological advance reduces the amount of variable resources needed to produce any level of output, then the

• A)AVC curve will shift upward.
• B)MC curve will shift downward.
• C)ATC curve will shift upward.
• D)AFC curve will shift downward.

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Definitions:

Project Management

The application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.

Delegating Budgetary Responsibility

The process of assigning the authority to manage budgets to individuals or teams.

Overall Supervision

The process of overseeing and directing all aspects of a project, operation, or organization to ensure that goals and standards are met.

Debt Ratio

A financial ratio that measures the extent of a company's leverage, calculated by dividing total liabilities by total assets.