Asked by
Aleigha Street
on Dec 17, 2024
Verified
A technological advance in the production of the first good increases the opportunity cost of the first good in terms of the second good.
Technological Advance
The development of new technologies or the improvement of existing technologies to enhance productivity, efficiency, or quality in goods and services.
Opportunity Cost
The economic impact of rejecting the following preferable option when deciding.
- Gain an understanding of how the production possibilities frontier (PPF) demonstrates efficiency, trade-offs, and opportunity costs.
- Fathom the contribution of technological improvements to the acceleration of economic prosperity and the enhancement of production.
Verified Answer
TT
Learning Objectives
- Gain an understanding of how the production possibilities frontier (PPF) demonstrates efficiency, trade-offs, and opportunity costs.
- Fathom the contribution of technological improvements to the acceleration of economic prosperity and the enhancement of production.
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