Answer:
Option “D” Buyers will demand less of the previous model than the newer model, which will lead to a decrease in equilibrium price, is the right answer.
Step-by-step explanation:t.
Option “D” is correct because the technological advancement will attract the customers for new models. At the same time, the demand for the old model will fall down, due to which the demand curve for the old model will shift leftwards.
Consequently, the equilibrium price will fall, and the new equilibrium point will exist on the left side of the old equilibrium point.