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Kaylisha Anderson
on Oct 09, 2024

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In the following question you are asked to determine,other things equal,the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for,or supply (S) of,X; (2) the equilibrium price (P) of X;and (3) the equilibrium quantity (Q) of X. Refer to the given information.An improvement in the technology used to produce X will:

A) decrease S,increase P,and decrease Q.
B) decrease S,increase P,and increase Q.
C) increase S,decrease P,and increase Q.
D) decrease D,decrease P,and decrease Q.

Technology Used

Refers to the tools, machines, and techniques utilized to solve problems or improve conditions in various fields.

Equilibrium Price

Equilibrium price is the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a balanced market.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where demand equals supply.

  • Understand how technological improvements affect supply, prices, and quantities in the market.
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Andre HousselOct 15, 2024
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