An Advance in Technology in the Production of Good X

question 69

Multiple Choice

An advance in technology in the production of good X causes

• A) a rightward shift in the supply curve for good X.
• B) a leftward shift in the supply curve for good X.
• C) the supply curve for good X to change from upward sloping to vertical.
• D) the supply curve for good X to change from vertical to upward sloping.

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Definitions:

Normal Curve

A bell-shaped curve that represents the distribution of many types of data where most occurrences take place in the middle of the range.

Probability

The measure or estimation of how likely it is that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Median

A statistical measure that represents the middle value in a given set of data when it is arranged in numerical order.

Mean

A statistical measure representing the central value of a set of numbers, calculated by dividing the sum of the values in the set by their number.