Suppose that a technological advancement substantially reduces the cost of laser eye surgery. This would cause the equilibrium

Question

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If the cost of laser eye surgery is reduced, the quantity demanded will increase as more people will be able to afford the procedure. This will lead to an increase in the quantity of laser eye surgery. The price and quantity of technology itself may not be affected by this technological advancement.

Suppose That a Technological Advancement Substantially Reduces the Cost of Laser