Asked by
Myron Johnson
on Oct 26, 2024
Verified
(Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.A factor that may have changed supply from S1 to S2 is:
A) better technology in the production of gasoline.
B) increased demand.
C) lower labor productivity in gasoline production.
D) increased prices of substitutes in production for gasoline.
Lower Labor Productivity
A condition where there is a decrease in the amount of goods or services produced per unit of labor.
Technology Production
The process of designing, manufacturing, and introducing new technological goods or services.
- Recognize the factors influencing shifts in supply and demand curves.
- Describe the role of technology and productivity in supply dynamics.
Verified Answer
CT
Learning Objectives
- Recognize the factors influencing shifts in supply and demand curves.
- Describe the role of technology and productivity in supply dynamics.