Select the phrase that correctly completes the following statement. "A positive change in technology caused an increase in the supply of OLED televisions. As a result ________."
A) the price of OLED televisions decreased and the demand for OLED televisions increased
B) the equilibrium quantity of OLED televisions decreased
C) the price of OLED televisions decreased and the quantity demanded of OLED televisions increased
D) the price of OLED televisions decreased. The lower price caused the supply of OLED televisions to decrease

Question

Quizplus · Accepted Answer

An increase in supply, due to technological advancements, typically leads to a decrease in price. This lower price does not increase demand per se, but increases the quantity demanded as consumers are more willing to buy at lower prices.

Select the Phrase That Correctly Completes the Following Statement