Answer to Question #62138 in Microeconomics for Lucy

Question

If the level of technology used in the production of a good improves, and assuming the quality of the good does not change, then:

Answer 1

If the level of technology used in the production of a good improves, and assuming the quality of the good does not change, then: the supply will increase, the supply curve of the good will shift to the right, the equilibrium price will decrease and the equilibrium quantity will increase.