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If a new technology reduces production costs, what is likely to happen to the su
Practice Questions
Q1
If a new technology reduces production costs, what is likely to happen to the supply of the product?
Supply decreases
Supply increases
Supply remains unchanged
Supply becomes elastic
Questions & Step-by-Step Solutions
If a new technology reduces production costs, what is likely to happen to the supply of the product?
Steps
Concepts
Supply and Demand
– Understanding how changes in production costs affect the supply curve in economics.
Cost of Production
– The relationship between production costs and the ability of producers to supply goods.
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