Question

A new technological hurdle decreases production for an industry and shifts the supply curve to the left. If the firm ________, then the firm will likely be unhappy about this new technology problem.

Answer 1

Answer:

If the firm produces products that are considered elastic, then the firm will likely be unhappy about this new technology problem.

Explanation:

The definition of elasticity of production is the degree of change in the production for a good with the change of certain variable.

In this case,  as the technological hurdle decreases production for an industry and shifts the supply curve to the left we can say that the production is elastic

If the firm produces products that are considered elastic, then the firm will likely be unhappy about this new technology problem.

Answer 2

Answer:

A new technological hurdle decreases production for an industry and shifts the supply curve to the left. If the firm produces an elastic good, then the firm will likely be unhappy about this new technology problem.

Explanation:

A shift in the supply curve towards the left is unfavorable. It shows that the goods supplied is price elastic.

Producing a good that is considered elastic puts the firm at a disadvantage. This situation poses a threat on the company's supply because a substitute good can replace the one they are producing

This new technology problem is a major challenge to the firm since it also decreases production.