Technological Improvements Cause

question 62

Multiple Choice

Technological improvements cause

• A)New firms to enter but existing firms to continue producing their old output levels.
• B)Some firms to exit but the remaining firms to produce more output.
• C)Existing firms to produce more output.
• D)Existing firms to continue producing their old output levels but to lower the price of the products.

---

Definitions:

Total Revenue

The complete sum of funds a business acquires from sales or services rendered over a specific timeframe.

Price-Elasticity Coefficient

A measure indicating how much the quantity demanded of a good responds to a change in its price, indicating its sensitivity.

Price Elasticity

An assessment of the extent to which the demand or supply of a product shifts following a price adjustment.

Total Amount

The complete sum or quantity of something, often referring to money, goods, or services.