Other things constant, an improvement in overall technology that allows more output to be produced with the same level of inputs causes a movement up and along the supply curve, resulting in both a higher equilibrium price and quantity. a leftward shift of the supply curve but a fall in price and an increase in the quantity supplied. no movement of the supply curve but a fall in price and an increase in the quantity supplied. 3 a rightward shift of the supply curve so that more is offered for sale at every price.
Other things constant, an improvement in overall technology that allows more output to be produced with the same level of inputs causes a movement up and along the supply curve, resulting in both a higher equilibrium price and quantity. a leftward shift of the supply curve but a fall in price and an increase in the quantity supplied. no movement of the supply curve but a fall in price and an increase in the quantity supplied. 3 a rightward shift of the supply curve so that more is offered for sale at every price.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6QR
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Other things constant, an improvement in overall technology that allows more output to be produced with the same level of inputs causes
a movement up and along the supply curve, resulting in both a higher equilibrium price and quantity.
a leftward shift of the supply curve but a fall in price and an increase in the quantity supplied.
no movement of the supply curve but a fall in price and an increase in the quantity supplied. 3
a rightward shift of the supply curve so that more is offered for sale at every price.
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