Which of the Following Statements Is True

question 27

Multiple Choice

Which of the following statements is true?

• A)The technology supply responds to market conditions.
• B)Human capital has no role in research and development.
• C)Attempts to bring about technological change via research and development are often tried but are usually not successful.
• D)Technological change occurs at a constant rate.
• E)Industries that attempt to produce new technologies face very little risk.

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Definitions:

Price Increases

A rise in the cost of goods or services, which can affect demand, supply, and the overall economy.

Demand Shifts Left

A demand shift left is when the demand curve for a good or service shifts to the left, indicating a decrease in demand at all price levels, often due to changes in consumer preferences, income, or substitutes.

Air Travel

The act of traveling in an aircraft, often commercially, where passengers are transported from one location to another.

Law of Demand

Economic principle stating that as the price of a good increases, the quantity demanded decreases, and vice versa, ceteris paribus.