An improvement in production technology will:

Name: An improvement in production technology will:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An improvement in production technology will result in lower production costs, which will lead to an increase in supply. This means that there will be a higher quantity of goods and services produced at each price level, shifting the supply curve to the right. As a result, the equilibrium price will decrease, and the equilibrium quantity will increase.

An Improvement in Production Technology Will