Changes in Technology Over Time Will Result in

question 167

Multiple Choice

Changes in technology over time will result in

• A) a more inelastic supply curve.
• B) a more elastic supply curve.
• C) a unitary elastic supply curve.
• D) no change in the elasticity of supply.

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Definitions:

Cost Curves

Cost curves are graphical representations of the costs associated with producing varying quantities of goods, showing how costs change with changes in output.

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price determination by market demand and supply.

Market Entry

The process by which a new competitor enters an existing market, often involving overcoming barriers to entry.