Question

what is the likely effect on the supply of a good if there is a technological progress in the production of this good takes place

Answer 1

Technology is the backbone to a quality product and service in an economy.When technology is adopted in the production of a certain product, then its supply increases with its quality and as the demand increases due to the quality,the price will also increase.Consumers will not look at the prices but will definitely consider the material quality.Thew supply will remain high.