The substitution of steel for wooden ploughs in agricultural production is an example of
A. labour-augmenting technological progress
B. capital-augmenting technological progress
C. capital-reducing technological progress
D. None of the above
Answer:B
The substitution of steel for wooden ploughs in agricultural production is an example of
A. labour-augmenting technological progress B. capital-augmenting technological progress C. capital-reducing technological progress D. None of the above