If there is a technological advance in the production of the Amazon Echo smart speaker, you would expect to see _____ overtime.

Question

Quizplus · Accepted Answer

If there is a technological advance in the production of the Amazon Echo smart speaker, it would lead to an increase in the supply of the product, which will shift the supply curve to the right, resulting in a fall in the equilibrium price. This is because an increase in supply at any given level of demand will result in a surplus of the product, leading to a price decrease to encourage more consumers to purchase the product. Therefore, we would expect to see a fall in the equilibrium price of the Amazon Echo smart speaker.

If There Is a Technological Advance in the Production of the Amazon