A technological improvement in the production of good X causes the:

a. demand curve for X to shift to the right. b. demand curve for X to shift to the left.
c. supply curve for X to shift to the right. d. supply curve for X to shift to the left.

c

Economics

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Teddy buys only chocolate chip cookies and hot chocolate and spends all of his income on the two items. Suppose the price of a cookie rises. According to marginal utility theory, Teddy buys

A) more cookies. B) fewer cookies. C) more hot chocolate. D) an equal amount of cookies and hot chocolate.

Economics

In perfect competition, why is a firm's marginal revenue curve also the demand curve for the firm's output?

What will be an ideal response?

Economics