Asked by
Abigail Pasquale
on Oct 26, 2024
Verified
Although horses were once a very important factor of production,the development of automobiles and other machinery reduced the demand for their use.This example illustrates:
A) technological progress shifting the demand for horses to the left.
B) higher marginal costs for horses shifting demand for horses to the right.
C) technological progress shifting the demand for horses to the right.
D) higher marginal costs for horses having no impact on the demand for horses.
Technological Progress
Innovations and improvements in technology that can lead to more efficient production methods and economic growth.
Factor of Production
Inputs used in the production of goods or services to make an economic profit, including land, labor, capital, and entrepreneurship.
- Examine the impact of external economic factors on the availability of labor.
Verified Answer
BJ
Learning Objectives
- Examine the impact of external economic factors on the availability of labor.