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30 April, 05:54

Make generalizations why does adoption of new technology tend to increase supply?

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  1. 30 April, 06:23
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    The main reason why firms apply new technologies is to fasten the production process and to reduce production costs. So, with new technologies cost curves shift downward, the m arket supply increases, and the market supply curve shifts rightward. The end result is increased produced quantity and fallen price.
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