The Introduction of a New Cost Effective Production Technique Is

question 49

Multiple Choice

The introduction of a new cost effective production technique is likely to:

• A)shift the demand curve leftward.
• B)make the demand curve flatter.
• C)shift the supply curve leftward.
• D)make the supply curve steeper.
• E)shift the supply curve rightward.

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Definitions:

Illegality

Refers to the condition of being against the law or illegal.

Dissolving Partnership

The process of legally ending a partnership agreement, involving the distribution of assets and liabilities among the partners.

General Partnership

A business arrangement where two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a venture.

Unlimited Personal Liability

A legal obligation where an individual's personal assets can be used to satisfy business debts and liabilities without limit.