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3 cards from this section. Quick, good the night before a test.
What impact does technological progress have on marginal cost?
Think about how efficiency might affect production.
Define supply curve.
It shows how much a firm is willing to produce at various prices.
What happens to the supply curve when technological progress decreases marginal cost?
Consider how efficiency changes production capabilities.
Is a decrease in marginal cost always beneficial for firms?
Think about the implications for cost structures.
Analyze how the rise of e-commerce technology affects traditional retail supply chains.
Think about how having a website and online sales changes a physical store's needs.
Discuss the potential negative effects of technology on employment in the manufacturing sector.
Consider factors like efficiency vs. labor needs.
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