Question

there is a technological improvement in the production of good x. as a result, the curve for good x will shift resulting in a(n) in the equilibrium price of x and a(n) in the equilibrium quantity of x.

Answer 1

There would a shift to the right of the supply curve. The equilibrium price would decrease and the equilibrium quantity would increase.

What is the impact of technological improvement?

Technological improvement in the production process means that there is an advancement or update in the technologies that are used in the production process. For example, progress from storing information in files to storing information in the cloud is an example of technological improvement.

A  technological improvement in the production of  a good would make it easier to produce a good. Thus, the supply curve would move forward.

Equilibrium quantity would increase. Due to the increase in quantity supplied, price has to decline in order to induce consumers to buy more of the product.  Equilibrium price would decrease.

To learn more about an increase in supply, please check: brainly.com/question/14727864

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