Final answer:
The statement is False because an increase in supply caused by technological advancement does not guarantee an increase in total revenue; this outcome is contingent on the price elasticity of demand for the product.
Step-by-step explanation:
The statement that an advance in technology that shifts the market supply curve to the right always increases total revenue received by producers is False. An improvement in technology can indeed reduce the cost of production, leading to an increase in supply, illustrated by a rightward shift in the supply curve. However, whether total revenue increases depends on the price elasticity of demand for the product. If demand is elastic, the decrease in price from increased supply will lead to a more than proportional increase in the quantity demanded, which can increase total revenue. If demand is inelastic, the decrease in price will not sufficiently increase the quantity demanded, and total revenue might decrease.
For instance, the Green Revolution is a historical example where technological improvements in agriculture led to increased yields and potentially more revenue for producers. However, the increase in total revenue would depend on the demand for these agricultural products.