Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

Assume a market starts in equilibrium and then there is a technological innovation that makes firms more productive. If the price were to remain at

Assume a market starts in equilibrium and then there is a technological innovation that makes firms more productive. If the price were to remain at the original equilibrium level, there would be a _ and _ pressure on the price.

a.

Shortage; upward.

b.

Surplus; upward.

c.

Surplus; downward.

d.

Shortage; downward.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics and Its Application

Authors: walter nicholson, christopher snyder

11th edition

9781111784300, 324599102, 1111784302, 978-0324599107

Students also viewed these Economics questions

Question

★★★★★

What is the difference between a bear market and a bull market? How can you easily remember the relevant stock price trends when you hear these terms?

Answered: 1 week ago

Question

★★★★★

See the Web site for this book to read about the Whitmann Price Consulting case for this chapter. The following questions cover this Web case. Discussion Questions 1. What advantages would the...

Answered: 1 week ago

Question

★★★★★

Determine the value of ????2 when (a) ???????????????????? = 2000 and ???????????????????? = 1200. (b) ???????????????????? = 12400 and ???????????? = 2400. (c) ???????????????????? = 500 and...

Answered: 1 week ago

Question

★★★★★

Garfun, Inc., owns all of the stock of Simon, Inc. For 2014, Garfun reports income (exclusive of any investment income) of $480,000. Garfun has 80,000 shares of common stock outstanding. It also has...

Answered: 1 week ago

Question

★★★★★

Python 1. A shipping company charges the following rates: Weight of Package Rate per pound 2 pounds or less $1.50 Over 2 pounds but not more than 6 pounds $3.00 Over 6 pounds but not more than 10...

Answered: 1 week ago

Question

★★★★★

Megatronics Corporation, a massive retailer of electronic products, is organized in four separate divisions. The four divisional managers are evaluated at year-end, and bonuses are awarded based on...

Answered: 1 week ago

Question

★★★★★

Imagine that you are implementing predictive analytics in the tourism industry. You use various techniques such as statistical modeling, data mining, and machine learning for predictions. Select the...

Answered: 1 week ago

Question

★★★★★

Find all Pythagorean triples (x, y, z) such that x = 29, y = 29, or z = 29.

Answered: 1 week ago

Question

★★★★★

Fostering a sense of shared responsibility for workplace safety promotes ethical employee concern and adherence to safety protocols. This leads to ________. A staff who are highly aware of their...

Answered: 1 week ago

Question

★★★★★

Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours....

Answered: 1 week ago

Question

★★★★★

forwarder to help with the transportation aspect of its supply chain. Based on the information in this chapter and your previous work for GoGreen, complete the following activities: Make a list of...

Answered: 1 week ago

Question

★★★★★

Details Please use your own experiences and the knowledge you have gained from this week's readings to answer the following topics and questions. You may also use information that you find in the...

Answered: 1 week ago

Previous Question Next Question