Tec 1) Technological i m prove m ents in the U.S. econo m y have: A) reduced the

ID: 1098364 • Letter: T

Question

Tec 1) Technological improvements in the U.S. economy have:

A) reduced the costs of production for U.S. companies.

B) increased production levels in the United States.

C) shifted the U.S. PPF to the right.

D) All answer choices are correct.

Please provide detail explanations with answer

2) At any price below the equilibrium price:

A) the quantity demanded equals the quantity supplied in the market.

B) the quantity demanded exceeds the quantity supplied in the market.

C) demand exceeds supply in the market.

Please provide detial explanations with answer thank you

3) If a city government were to impose a ceiling price on rental prices in the downtown area:

A)quantity supplied would increase.

B) supply would increase.

C) an illegal market would likely emerge.

D) quantity demanded would decrease.

Please provide the answer with details and explanations thank you

1. D

Improved technology should bring market prices down and make products more affordable to the consumer.

The production possibility frontier will shift when there are improvements in

productivity and efficiency perhaps because of the introduction of new technology

or advances in the techniques of production)

There is an improvement in technology which shifts the PPF outwards.

2.C

At any market price below the equilibrium, the quantity demanded by consumers

(represented by the horizontal distance between the vertical axis and the demand curve)

is greater than the quantity supplied by producers

(represented by the horizontal distance between the vertical axis and the supply curve at that price).

At any market price below the equilibrium, the quantity demanded by consumers

(represented by the horizontal distance between the vertical axis and the demand curve)

is greater than the quantity supplied by producers

(represented by the horizontal distance between the vertical axis and the supply curve at that price).

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.