Which of the Following Would Result from a Technological Advance

question 89

Multiple Choice

Which of the following would result from a technological advance in a perfectly competitive market?

• A)The market demand curve will shift rightward.
• B)Consumers will benefit as the price declines.
• C)Producers will benefit as long-run profits rise.
• D)The market supply curve will shift leftward.
• E)In a constant-cost industry,the price will not change in the long run.

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Definitions:

Light Bulb

An electric device that produces light from electricity, consisting of a filament held within a glass sphere that illuminates when current passes through it.

Computer Keyboard

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Small fragments or pieces of bread, cake, or other baked goods, often left after eating.

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Wood planks that have decayed due to exposure to moisture and fungi, compromising their structural integrity.