What happened in the banking industry with the introduction of ATMs which had a higher MP/P than for the substitute resource of human tellers?
A. Human tellers replaced many ATMs because people did not want to use ATMs
B. ATMs replaced many human tellers because it reduced banks' costs
C. More of both ATMs and human tellers were used because banks were more productive
D. Less of both ATMs and human tellers were used because banks did not know how to use the new technology
B. ATMs replaced many human tellers because it reduced banks' costs
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Which of the following would be classified as a personal consumption expenditure?
a. All of the following. b. Your purchase of a newly constructed house c. Your purchase of a preowned house. d. Your purchase of one share of Microsoft stock. e. Your purchase of this economics course.
In the long run, more costs become fixed
a. True b. False Indicate whether the statement is true or false