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Maile Winkleman
on Nov 26, 2024

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Technological advance improves productive efficiency by

A) lowering average total cost.
B) increasing marginal utility.
C) enhancing monopoly power.
D) giving society a more-preferred mix of goods and services.

Productive Efficiency

A state where economy or industry can no longer produce additional amounts of a good without lowering the production level of another product.

Average Total Cost

The average cost for each unit produced, determined by dividing total production expenses by the number of units.

Technological Advance

Improvements or innovations in technology that enhance functionality, efficiency, or productivity across various sectors.

  • Investigate the connection between technological progress and economic efficiencies, both allocative and productive.
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HJ
Harpreet JassalDec 01, 2024
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