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.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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