-Refer to the above table. Suppose there are technological advances in the production of smartphones. The new equilibrium price will be
A)$275.
B)$375.
C)less than $275.
D)between $275 and $375.

Question

-Refer to the above table. Suppose there are technological advances in the production of smartphones. The new equilibrium price will be
A)$275. 
B)$375. 
C)less than $275. 
D)between $275 and $375.

Quizplus · Accepted Answer

Technological advances typically lead to an increase in supply, which usually results in a lower equilibrium price if demand remains constant.

-Refer to the Above Table