A Technological Advance Would Best Be Represented by

question 93

Multiple Choice

A technological advance would best be represented by

• A) A shift outward of the production possibilities curve.
• B) A shift inward of the production possibilities curve.
• C) A movement from inside the production possibilities curve to a point on the production possibilities curve.
• D) A movement from the production possibilities curve to a point inside the production possibilities curve. The shift would move the production possibilities curve away from the origin so that we can get more of both goods.

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Definitions:

Above-market Pricing

A pricing strategy where goods or services are priced higher than the prevailing market rates, often to signal superior quality or prestige.

Price Setter

An entity in the market that has the power to influence or set the prices of goods or services, often due to market dominance.

Demand Factors

Factors that determine consumers’ willingness and ability to pay for products and services.

Global Economy

The interconnected world economy where goods, services, and labor are exchanged across international borders.