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Technological advancement in firms is necessary to promote business growth and competition. Technological advancement will reduce...

Technological advancement in firms is necessary to promote business growth and competition. Technological advancement will reduce market uncertainty and narrow income disparities. It can also reduce the need for government intervention during an economic crisis.

  1. Do you agree/disagree that technological advancement can improve business growth?
  2. GRAPH: Demonstrate with a graph the effect of technology on supply in this industry - submit graph
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Answer #1

I agree with the statement that technological growth improves business growth, because it increases productivity, decreases cost of production and price level lowers in the economy. With a lower price level, quantity demanded increases along the demand curve. It makes output to increase and business growth increases to the next level.

Price S1 P P1 D Q Q1 Output

As per the above diagram, supply curve shifts to the right from S to S1. It increases the output and lowers the price in the market.

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