The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy down along a stationary short-run aggregate supply curve.
B) It shifted the short-run aggregate supply curve to the right.
C) It shifted the short-run aggregate supply curve to the left.
D) It moved the economy up along a stationary short-run aggregate supply curve.
B
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Market supply is found by
A) horizontally summing each individual producer's average total cost curve. B) vertically summing the relevant part of each individual producer's marginal cost curve. C) horizontally summing the relevant part of each individual producer's marginal cost curve. D) vertically summing each individual producer's average total cost curve.
In general, the smaller the numerical value of price elasticity (in absolute value):
a. ?the smaller the responsiveness of price to changes in consumers' quantity demanded. b. ?the smaller the responsiveness of consumers' quantity demanded to changes in price. ?c. the larger the responsiveness of price to changes in consumers' quantity demanded. ?d .the larger the responsiveness of consumers' quantity demanded to changes in price.