Suppose a New Technology Allows Firms to Substitute Mechanical Tomato

question 340

Multiple Choice

Suppose a new technology allows firms to substitute mechanical tomato pickers for farm laborers. As a result, the demand curve for farm laborers will

• A) become less elastic.
• B) become more elastic.
• C) shift to the right.
• D) not be affected.

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Definitions:

Chili Cook-Off

A competitive event where individuals or teams cook chili using their own recipes and are judged on taste, consistency, aroma, and color.

Industry Analysis

The evaluation of the economic and market factors that influence the competitiveness within a specific industry.

Competitive Advantages

Unique attributes or abilities that allow an organization to outperform its competitors, including quality, price, brand, and location.

Projected Changes

Anticipated or forecasted modifications in a specific area, such as technology, market trends, or regulatory environments.