A technological advancement in the production of engineered diamonds will cause the equilibrium price of engineered diamonds to ________and the equilibrium quantity to ________.

Question

Quizplus · Accepted Answer

The technological advancement in the production of engineered diamonds will reduce the cost of production, resulting in an increase in the supply of engineered diamonds. This shift in supply will cause a decrease in the equilibrium price and an increase in the equilibrium quantity. Therefore, choice B is the correct answer.

A Technological Advancement in the Production of Engineered Diamonds Will