If There Is an Improvement in the Technology Used to Produce

question 186

True/False

If there is an improvement in the technology used to produce a good, then the supply curve for that good will shift to the left.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded, typically downward sloping.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell at each price level.

Elastic

Describes a situation in which the quantity demanded or supplied of a good or service changes significantly in response to a change in price.

Total Revenues

The total amount of income generated by the sale of goods or services related to a company's primary operations.