Question

Advances in technology

A) lowers supply.
B) increases costs.
C) raises demand.
D) can lower costs.

Answer 1

Advances in technology can lower costs and cause an increase in supply.

Step-by-step explanation:

An improvement in technology that reduces the cost of production will cause an increase in supply. This can be shown as a rightward (or downward) shift in the supply curve. On the other hand, advances in technology can lower costs, leading to a decrease in prices and ultimately lower costs for consumers.