Price $10 11 12 13 14 15 Quantity Supplied 100 150 190 220 245 265 Quantity Demanded 295 275 250 D) increased by 30 units. 220 180 135 A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. As a result of this technological change, equilibrium output in this market A) decreased by 60 units. B) decreased by 30 units. C) increased by 60 units.

Price $10 11 12 13 14 15 Quantity Supplied 100 150 190 220 245 265 Quantity Demanded 295 275 250 D) increased by 30 units. 220 180 135 A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. As a result of this technological change, equilibrium output in this market A) decreased by 60 units. B) decreased by 30 units. C) increased by 60 units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A2)
Price Quantity Supplied Quantity Demanded $10 100 295 11 150 275 12 190 250 13 220 220 14 245 .180 15 265 135 If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, the new equilibrium price would be O A) $13. B) $12. C) $11. D) $14.
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