If Other Factors Remain Unchanged, Technological Progress in Producing Good

question 58

Multiple Choice

If other factors remain unchanged, technological progress in producing good X definitely will lead to

• A)an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X.
• B)an increase in both the market clearing price and the equilibrium quantity of good X.
• C)a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X.
• D)a decrease in both the market clearing price and the equilibrium quantity of good X.

Understand the relationship between marginal product, total product, and average product of labor.

Recognize different types of curves used in production theory, including isoquant, isocost, and production possibilities frontier.

Evaluate the effects of changes in labor and capital on the marginal product and the cost-benefit analysis of such changes.

Understand the concept of the marginal rate of technical substitution and its role in production optimization.

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