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A new piece of technology is invented that allows for quicker production. What is likely to happen?
a) increase in supply
b) decrease in supply
c) increase in demand
d) decrease in demand

User Mstrap
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1 Answer

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Answer:

a. increase in supply.

Step-by-step explanation:

Production, supply, the pattern of consumption, and market price all interrelate with each other. One major challenge associated with forecasting prices using the relationship between demand and pattern of supply is the complexity of quantifying demand. Supply can be accurately calculated to some degree, based on production or stock figure. There may be several exceptional cases, however, in most cases, the supply can be assessed when compared with the quantity demanded.

User ZakSyed
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