A technological improvement lowers the cost of producing corn. As a result, the price of a pound of corn ________ and the quantity of corn ________
A) rises; increases
B) rises; decreases
C) falls; increases
D) falls; decreases
E) falls; does not change
C) falls; increases
Economics
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An improvement in technology would result in
A) upward shifts of MC and reductions in output. B) upward shifts of MC and increases in output. C) downward shifts of MC and reductions in output. D) downward shifts of MC and increases in output. E) increased quality of the good, but little change in MC.
Economics
In a perfectly competitive industry, the industry demand curve is ____, while in a monopolistic industry, the industry demand curve is:
a. horizontal; downward sloping b. downward sloping; horizontal. c. downward sloping; downward sloping. d. horizontal; horizontal.
Economics