Technology Reduces the Average Cost of Production,so in the Long

question 124

Multiple Choice

Technology reduces the average cost of production,so in the long run
i.perfectly competitive firms produce at a lower average cost.
ii.the market price of the good falls.
iii.firms with older plants either exit the market or adopt the new technology.

• A) i only.
• B) i and ii.
• C) iii only.
• D) i and iii.
• E) i, ii, and iii.

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Definitions:

Societal Issues

Challenges or problems that affect a large portion of society, which may include subjects like poverty, education, and environmental degradation.

Marketing Ethics

The area of applied ethics dealing with the moral principles behind the operation and regulation of marketing.

Environment

The sum of all external conditions and influences affecting the life, development, and survival of organisms, including natural, built, and social surroundings.

Corporate Social Responsibility

The commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large.