Explain the effect of technical progress on the supply of a good. Or 'Improvement in technology shifts the supply curve towards left'. Defend or refut

Question

Explain the effect of technical progress on the supply of a good. Or 'Improvement in technology shifts the supply curve towards left'. Defend or refut

Explain the effect of technical progress on the supply of a good.
Or
'Improvement in technology shifts the supply curve towards left'. Defend or refute.

Monjur Alahi

10 views

2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

Technological progress leads to reduction in cost of producing output. Price remaining unchanged, less cost means more profit. Thus, it increases supply of the good.

10 views Answered 2023-02-05 15:29