What Will a Technological Advancement Do

question 268

Multiple Choice

What will a technological advancement do?

• A) shift the supply curve to the right
• B) shift the demand curve to the left
• C) shift the demand curve to the right
• D) shift the supply curve to the left

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Definitions:

Price

The price in terms of money that is predicted, necessary, or paid for an object.

Equilibrium Price

The price at which the quantity of goods suppliers are willing to produce equals the quantity of goods consumers are willing to buy.

Corn-based Ethanol

Ethanol produced from corn as a biomass through a fermentation process, primarily used as a biofuel additive for gasoline.

Household Incomes

The total amount of money earned by every member of a household, including wages, salaries, benefits, and other sources of income.