Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a(n):

Question

Quizplus · Accepted Answer

Discovering a more efficient way to produce a good will lower the production costs of the good, which will incentivize suppliers to increase supply in order to take advantage of the cost savings. This is reflected in an increase in supply.

Suppose That a More Efficient Way to Produce a Good