Suppose that a newer way to produce a good is discovered,which reduces production costs for the good.This will cause

Question

Quizplus · Accepted Answer

A decrease in production costs will lead to an increase in the supply of the good, meaning that suppliers are willing and able to produce and offer more of the good at any given price. This will shift the supply curve to the right, resulting in an increase in supply.

Suppose That a Newer Way to Produce a Good Is