A technological advancement in the production of laundry detergent will lead to a decrease in the equilibrium price of laundry detergent and an increase in the equilibrium quantity.

Question

Quizplus · Accepted Answer

With the technological advancement, it becomes easier and cheaper to produce laundry detergent, which will lead to a decrease in the production cost. This will shift the supply curve to the right, resulting in a lower equilibrium price and a higher equilibrium quantity.

A Technological Advancement in the Production of Laundry Detergent Will