A technological advancement serves to:Question 11Select one:a.Have no effect on the demand curve.b.Shift the supply curve to the right.c.Have no effect on the supply curve.d.Shift the supply curve to the left.e.Shift the demand curve to the right.
Question
A technological advancement serves to:Question 11Select one:a.Have no effect on the demand curve.b.Shift the supply curve to the right.c.Have no effect on the supply curve.d.Shift the supply curve to the left.e.Shift the demand curve to the right.
Solution
The correct answer is b. Shift the supply curve to the right.
Here's why:
Technological advancements often lead to increased efficiency in production. This means that a company can produce more of a good or service with the same amount of resources. As a result, the supply of the good or service increases.
In terms of economics, an increase in supply is represented by a shift of the supply curve to the right. This is because at each price level, there is now a greater quantity of the good or service available.
So, when a technological advancement occurs, it generally causes the supply curve to shift to the right.
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