Advancement in technology expands supply. Give reason. – InterviewSolution

1.

Advancement in technology expands supply. Give reason.

Answer»

Level of technology:

When technology advances, time and efforts are saved. Hence, goods in large quantities and better quality can be produced that too with the same or lower costs.
To add to this, if market price does not fall then profits increase and sellers are willing to sell more. Thus, supply expands.

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