Ceteris paribus, an improvement in production technology: Hint: Draw your demand and supply curves O A. shifts the demand curve to the right, increasing both equilibrium price and output. O B. shifts the demand curve to the left, reducing both equilibrium price and output. C. shifts the supply curve to the right, reducing the equilibrium price and increasing equilibrium output, O D.shifts the supply curve to the left, increasing the equilibrium price and reducing equilibrium output.

Ceteris paribus, an improvement in production technology: Hint: Draw your demand and supply curves O A. shifts the demand curve to the right, increasing both equilibrium price and output. O B. shifts the demand curve to the left, reducing both equilibrium price and output. C. shifts the supply curve to the right, reducing the equilibrium price and increasing equilibrium output, O D.shifts the supply curve to the left, increasing the equilibrium price and reducing equilibrium output.

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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When consumer incomes increase and there is technological progress, which of the following describes the expected change in equilibrium price and quantity transacted within the market? a. The quantity exchanged decreases, but the change in price cannot be determined. Ob. The equilibrium price decreases, but the change in quantity exchanged cannot be determined. O c. The equilibrium price increases, but the change in quantity exchanged cannot be determined. O d. The quantity exchanged increases, but the change in price cannot be determined.
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An improvement in technology would cause a a. Leftward shift in the supply curve. O b. Movement up and to the right, along the existing supply curve. c. Rightward shift in the supply curve. O d. Movement down and to the left, along the existing supply curve.
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