how market supply responds to improvement in technology?
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Answer:
Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price. When a market is in equilibrium, the price of a good or service tends to stay the same. Equilibrium is the price at which the quantity demanded by consumers is equal to the quantity that's supplied by suppliers. When either demand or supply changes, however, the equilibrium price and quantity will also change. That's what we're talking about in this lesson - changes in the market equilibrium I
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Effect of Technology on Supply
Shifts in a supply curve are usually the result of advances in technology that reduce the input costs of production. Technological advances that improve production efficiency will shift a supply curve to the right.