A Technological Breakthrough That Reduces the Cost of Materials in a Perfectly

question 122

Multiple Choice

A technological breakthrough that reduces the cost of materials in a perfectly competitive industry would, in the long run,

• A)lead to higher profits.
• B)raise prices.
• C)lower the output produced by each firm.
• D)increase the number of producers.
• E)decrease the number of producers.

---

Definitions:

TAT

Thematic Apperception Test, a projective psychological test that consists of a series of pictures about which a person is asked to tell a story.

Rorschach Test

A projective psychological test consisting of inkblots presented to individuals, who then describe what they see, used to infer their thoughts, feelings, and personality traits.

MMPI-2

The Minnesota Multiphasic Personality Inventory-2, a widely used standardized test for assessing personality traits and psychopathology.

MBTI

Myers-Briggs Type Indicator, a personality inventory based on Jungian psychological types, used to understand individual differences.