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Which of the following statements is true? Group of answer choices technology will increase labor productivity....

Which of the following statements is true? Group of answer choices technology will increase labor productivity. technology will reduce the number of firms in the industry. technology is a bad source of economic inefficiency for firms. technology will make it more costly to produce goods and services. technology is a factor of low production

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Answer #1

The true statement is:

Technology will increase labor productivity. Using technology, labor is able to produce in a more efficient manner thus increasing their productivity.

The other statements are false because technology does not reduce the number of firms in the industry. It reduces the cost of production and thus more firms enter into industry. Tehnology is not a bad source of economic inefficiency for firms. Technology does not make it more costly to produce goods and services. Moreover, it reduces costs of production and technology is a factor of high production.

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