For a perfectly competitive firm, technological advancement will result in the firm ... producing a lower...
For a perfectly competitive firm, technological advancement will result in the firm ...
producing a lower quantity
producing a higher quantity
charging a higher price
having a higher Marginal Cost
Homework Answers
The technological advancements lead to decrease in average Total cost and Marginal cost as Technological Advancement increases productivity, speed and efficiency. it also Decreases the chances of human error . These all things leads to reduction in cost of firm. It also reduces the labour cost of the firm.
Therefore, Option D is incorrect
The technological advancements results in reduction in cost. Due to the reduction in cost,the supply of firm Increases ,that is ,the firm Produces a higher quantity due to reduction in cost and Increase in Productivity and efficiency.
Therefore, Option B is Correct.
Due to increase in Supply,the Price level Decreases
Therefore, Option C is incorrect.
Option A is incorrect because technological Advancement leads to increase in Supply and not Decrease.
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