please answerHomework Answers
Ans.) an increase in supply (rightward shift)
Explanation: since a perfectly competitive firm has only one
major decision to make— namely, what quantity to produce. The
supply curve of a competitive firm is upward sloping Marginal cost
curve. Now when the marginal cost of all the firms is reduced due
to an improvement in technology, the firms can supply more output
at the same price and make an economic profit. Since in a
competitive market, all quantity that is supplied at a given price
p is demanded, therefore a new equilibrium will be established at
point E' where each firm supplies more quantity at the same
price.
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