Changes in technology over time will result in
A) a more inelastic supply curve.
B) a more elastic supply curve.
C) a unitary elastic supply curve.
D) no change in the elasticity of supply.

Question

Quizplus · Accepted Answer

Changes in technology over time typically lead to a more elastic supply curve. This is because technological advancements often make it easier and more efficient to produce goods, which in turn makes it easier for firms to increase production in response to changes in price. As a result, the quantity supplied is more responsive to changes in price, making the supply curve more elastic.

Changes in Technology Over Time Will Result in