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When the technology in production becomes more advanced what will happen to supply? a
When the technology in production becomes more advanced what will happen to supply?
a.
Is unaffected
b.
Don't know
c.
Increase
d.
Decrease
Expert Solution
When the technology in production becomes more advanced the supply will decrease
Producers having low costs can always supply a greater extent of product at a given price more than the product with high costs. So,when a decrease in producers cost happens the supply will increase. Similarly, when the production cost increases, the supply will decrease.
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