An improvement in production technology will: shift the demand curve to the left. shift the supply curve to the right. increase
equilibrium price. shift the supply curve to the left.
1 answer:
Answer:
shift the supply curve to the right.
Explanation:
In production when there is an improvement in production, it results in higher output rate from the supplier. This will shift the supply curve to the right.
Customers will demand less of the product bas there will be surplus in the economy.
The price will fall to a new equillibrum level as illustrated in the attached diagram to position F and equillibrum quantity increases to q1.
For example if rate of production of computers goes up there will be excess being supplied shifting supply to the right. Due to surplus price will fall. The result will be purchase of more computers at lower price.
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