Homework Answers
Ans:
An improvement in technology.
An increase in the number of producers in the industry.
A decrease in the cost of production due to lower wages.
Explanation:
An improvement in technology, an increase in the number of producers in the industry and a decrease in the cost of production due to lower wages will cause more supply of the product in the market . As a result , the equilibrium quantity will increase combined with decrease in equilibrium price.
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