Chapter 2: Problem 21
With improvements in technology, production becomes more efficient, increasing the output per worker of a given industry. Product quality rises, profits and wages increase, and the economy improves overall. In short, both workers and employers benefit. Which of the following opinions contradicts the above conclusion about improvements in technology? A. New technology will cause companies to decrease the size of their workforce in order to cut costs. B. Product quality increases consumer satisfaction, which leads to greater company profits. C. When businesses succeed, more money is reinvested into the economy. D. Efficiency is a key factor in ensuring a business's success.
Short Answer
Step by step solution
Key Concepts
These are the key concepts you need to understand to accurately answer the question.