Suppose there is an advance in the technology of tire production, in the market for tires a. Demand decreases, and the supply of tires increases. b. Demand increases, and the supply of tires decreases. c. Demand curve is unaffected, and the supply of tires increases. d. Supply curve is unaffected, and the demand for tires increases.

Answered: Suppose there is an advance in the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose there is an advance in the technology of tire production, in the market for tires

		a. Demand decreases, and the supply of tires increases.
		b. Demand increases, and the supply of tires decreases.
		c. Demand curve is unaffected, and the supply of tires increases.
		d. Supply curve is unaffected, and the demand for tires increases.

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an advance in the technology of tire production, in the market for tires means that it becomes less costly to produce a tire.

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