New technology lowering the cost of production will cause the equilibrium price to ______ and the...
New technology lowering the cost of production will cause the equilibrium price to ______ and the equilibrium quantity to ______.
a. Increase; increase
b. Increase; decrease
c. Decrease; decrease
d. Decrease; increase
Homework Answers
Answer - decrease, increase
Reason - new technology lowering the cost of production will cause the equilibrium price to decrease because the improvement in technology will lead to lower labour and overhead costs and decrease prices will increase the demand for the product leasing to increase in equilibrium quantity.
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New technology lowering the cost of production will cause the
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