A technological advance will shift the

Name: A technological advance will shift the
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Technological advance usually leads to an increased efficiency in production, which will reduce the cost of production and the price of the product. The willingness of the suppliers to supply more products at any given price increases, thereby shifting the supply curve to the right. This will cause a decrease in the equilibrium price and an increase in the equilibrium quantity.

A Technological Advance Will Shift the