67 027
Assignments Done
99,3%
Successfully Done
In November 2018

Answer to Question #62121 in Microeconomics for Tete

Question #62121
If the level of technology used in the production of a good improves, and assuming the quality of the good does not change, then:
Expert's answer
If the level of technology used in the production of a good improves, and assuming the quality of the good does not change, then: firms will produce greater amounts of good using the same quantity of resources. As a result, individual supply and market supply will increase. If market demand will be the same as before technology improvements, the equilibrium price of good will decrease and equilibrium quantity will increase.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions