Asked by Tabitha Mooney on Jul 07, 2024
Verified
Which of the following is most likely to shift the supply curve for a product to the right?
A) An increase in the price of a resource used in the good's production
B) The expectation of a higher price in the near future
C) An increase in the price of the product
D) A decrease in the price of an alternative good
E) An improvement in the technology for producing the good
Technology Improvement
Enhancements or advancements in technology that increase productivity, efficiency, and capabilities within industries or society.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity thereof that producers are willing to supply.
Alternative Good
A product or service that consumers may choose as a substitute for another good or service.
- Examine how technological progress influences supply.
Verified Answer
Learning Objectives
- Examine how technological progress influences supply.
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