Ceteris paribus, technological advancements in production technology will reduce the equilibrium quantity of a good.

Name: Ceteris paribus, technological advancements in production technology will reduce the equilibrium quantity of a good.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Technological advancements in production technology typically increase the supply of a good, which can lead to a lower equilibrium price but a higher equilibrium quantity. Therefore, the statement is false.

Ceteris Paribus, Technological Advancements in Production Technology Will Reduce the Equilibrium