If Technological Change Occurs in the Economy

question 117

Multiple Choice

If technological change occurs in the economy

• A)the long-run aggregate supply curve will shift to the right.
• B)the long-run aggregate supply curve will shift to the left.
• C)we will move up along the long-run aggregate supply curve.
• D)we will move down along the long-run aggregate supply curve.

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Definitions:

Price of X

The specific cost or value associated with a particular item or commodity, denoted as "X."

Price of Y

The monetary cost or value assigned to a good or service, labeled as 'Y'.

Utility Function

A mathematical representation in economics that reflects the satisfaction or utility a consumer derives from consuming a certain quantity of goods and services.

Income

Income earned, particularly in a consistent manner, from employment or investment returns.