Technological advance improves productive efficiency by:
A. lowering average total cost.
B. increasing marginal utility.
C. enhancing monopoly power.
D. giving society a more-preferred mix of goods and services.
Answer: A
Economics
You might also like to view...
Marginal revenue product is the
a. additional revenue from one additional dollar increase in price. b. change in the revenue product resulting from one additional unit of input. c. additional revenue from one additional unit of input. d. change in revenue resulting in one additional dollar in price.
Economics
If marginal revenue is less than marginal cost, the firm should
A) raise price. B) raise marginal revenue. C) increase its rate of output. D) decrease its rate of output.
Economics