An Improvement in Technology Will Shift the Production Possibilities Curve

question 63

Multiple Choice

An improvement in technology will shift the production possibilities curve

• A)to the left.
• B)along the curve.
• C)inward.
• D)to the right.

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Definitions:

Competitive Industry

A market scenario where there are many sellers, leading to competitive prices and innovations.

Economic Profits

The contrast between the sum of revenues and the sum of all costs, embracing both direct monetary and inferred expenditures.

Opportunity Cost

The worth of the best alternative given up as a consequence of a decision made.

Competitive Market System

An economic system where many buyers and sellers interact in the marketplace, with the forces of supply and demand determining prices and output levels.