Will the equilibrium price and quantity of ventilators increase or decrease if a new cost- saving technology is discovered? Select one: a. The discovery of this new technology is a supply shifter and will result into an increase in the quantity and decrease in the price of ventilators. b. The discovery of this new technology is a demand shifter and will result into an increase in both quantity and price of ventilators. c. The discovery of this new technology is a supply shifter and will result into an increase in the price and decrease in the quantity of ventilators. d. The discovery of this new technology is a demand shifter and will result into a decrease in both quantity and price of ventilators.
Will the equilibrium price and quantity of ventilators increase or decrease if a new cost- saving technology is discovered? Select one: a. The discovery of this new technology is a supply shifter and will result into an increase in the quantity and decrease in the price of ventilators. b. The discovery of this new technology is a demand shifter and will result into an increase in both quantity and price of ventilators. c. The discovery of this new technology is a supply shifter and will result into an increase in the price and decrease in the quantity of ventilators. d. The discovery of this new technology is a demand shifter and will result into a decrease in both quantity and price of ventilators.
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 3TY
Related questions
Question
4
![Will the equilibrium price and quantity of
ventilators increase or decrease if a new cost-
saving technology is discovered?
Select one:
a. The discovery of this new technology is a
supply shifter and will result into an increase in
the quantity and decrease in the price of
ventilators.
b. The discovery of this new technology is a
demand shifter and will result into an increase in
both quantity and price of ventilators.
c. The discovery of this new technology is a
supply shifter and will result into an increase in
the price and decrease in the quantity of
ventilators.
d. The discovery of this new technology is a
demand shifter and will result into a decrease in
both quantity and price of ventilators.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F19099cf5-1f1c-446c-a8ac-159571fdeca5%2Fc0a798ca-2277-452a-a572-68818f97a796%2F48hh4nf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Will the equilibrium price and quantity of
ventilators increase or decrease if a new cost-
saving technology is discovered?
Select one:
a. The discovery of this new technology is a
supply shifter and will result into an increase in
the quantity and decrease in the price of
ventilators.
b. The discovery of this new technology is a
demand shifter and will result into an increase in
both quantity and price of ventilators.
c. The discovery of this new technology is a
supply shifter and will result into an increase in
the price and decrease in the quantity of
ventilators.
d. The discovery of this new technology is a
demand shifter and will result into a decrease in
both quantity and price of ventilators.
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