In a perfectly competitive market, technological advances bring ________ economic profits for producers and ________ lower prices for consumers.

Question

Quizplus · Accepted Answer

In a perfectly competitive market, technological advances initially lead to temporary economic profits for producers as they can produce at lower costs. However, as the technology becomes widespread, competition erodes these profits. Consumers benefit from permanently lower prices due to increased efficiency and supply.

In a Perfectly Competitive Market, Technological Advances Bring ________ Economic