Asked by
Edmond Aynedjian
on Nov 04, 2024
Verified
For a perfectly competitive industry, a decline in technology will cause
A) a movement up the short-run industry supply curve.
B) a movement down the short-run industry supply curve.
C) the industry short-run supply curve to shift to the right.
D) the industry short-run supply curve to shift to the left.
Industry Supply Curve
A graphical representation showing the total quantity of a good that all producers in an industry are willing to supply at different prices.
Decline in Technology
A decline in technology refers to a period or situation where technological progression slows down, technologies become obsolete, or there is a decrease in the adoption of new technologies.
- Gain an understanding of the impact that technology and economies of scale have on cost and the adaptation of industries.
- Pinpoint the components contributing to alterations in industry supply curve dynamics.
Verified Answer
MN
Learning Objectives
- Gain an understanding of the impact that technology and economies of scale have on cost and the adaptation of industries.
- Pinpoint the components contributing to alterations in industry supply curve dynamics.