How would a new advance in manufacturing technology most likely affect the supply of the good being produced?A.The supply of the good would fall.B.The supply of the good would not be affected.C.The supply of the good would increase.D.The supply of the good would remain the same.
Question
How would a new advance in manufacturing technology most likely affect the supply of the good being produced?A.The supply of the good would fall.B.The supply of the good would not be affected.C.The supply of the good would increase.D.The supply of the good would remain the same.
Solution
C. The supply of the good would increase.
Here's why:
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An advance in manufacturing technology typically means that a good can be produced more efficiently. This could mean producing it faster, at a lower cost, or with less waste.
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If a good can be produced more efficiently, then a company can produce more of that good with the same amount of resources. For example, if a new machine allows a company to produce a good twice as fast, then that company can produce twice as many goods in the same amount of time.
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Therefore, an advance in manufacturing technology would most likely increase the supply of the good being produced. This is because the company can now produce more of the good, which increases the overall supply of that good in the market.
Similar Questions
Which development would most likely cause the supply of a product to increase?A.New technology allows the product to be made more quickly.B.Fewer workers receive the education needed to create the product.C.Government regulations increase the cost of making the product.D.Companies expect the price of the product to fall significantly.
The supply of a good available in a market is likely to decrease when:A.new regulations increase the cost of making the product.B.new technology makes producing the product cheaper.C.the number of workers able to make the product increases.D.companies believe that the product's selling price will go up
An increase in technology increases supply.Group of answer choicesTrueFalse
Technological advance improves productivity in a purely competitive industry. This change will result in a(n):Multiple Choicedecrease in average fixed cost for a firm in the industry.increase in average variable cost for a firm in the industry.increase in the marginal cost curve for a firm in the industry.increase in the short-run supply curve for a firm in the industry.
Advances in technology create new products and lower the cost of producing existing products.
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