Asked by Sadie Clark on Jun 12, 2024
Verified
A beneficial technological change is developed in the production of cranberries.At the same time,scientists discover that cranberries have significant health benefits.This will result in:
A) an increase in both the equilibrium price and quantity in the cranberry market.
B) an increase in the equilibrium quantity and an uncertain effect on the equilibrium price of cranberries.
C) a decrease in both the equilibrium price and quantity in the cranberry market.
D) a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of cranberries.
Technological Change
Technological change encompasses the improvements in technology that enhance productivity or efficiency in the production or delivery of goods and services.
Health Benefits
Advantages or positive effects on one's health obtained from products, services, or activities, often associated with employment or insurance plans.
Cranberries
A type of small, acidic, red berry, commonly found in bogs or wetlands, used in a variety of foods and beverages.
- Investigate how changes in technology and the price of inputs influence supply and the balance in the market.
- Analyze how simultaneous shifts in demand and supply influence the equilibrium price and quantity in the market.
Verified Answer
Learning Objectives
- Investigate how changes in technology and the price of inputs influence supply and the balance in the market.
- Analyze how simultaneous shifts in demand and supply influence the equilibrium price and quantity in the market.
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